Hi, I just got my first paycheck ever and I was wondering if I filled my allowances correctly.
I work in Florida, I make 70k a year and I claimed 3 allowances, because three people rely on me financially.
The people that rely on me is are my 13 year old sister, my 18 year old brother and my mom. I was reading back through the tax allowances guide and got confused, can I claim more than three allowances? Is it not a linear claim (1 allowance per person)? I'm the only one who brings in a steady income.
Any advice would be greatly appreciated as I am trying to take as many allowances as possible to support my family. What is the max number of allowances can I claim?
Thank you.
Using 5 allowances would reduce the amount of federal income taxes per pay period.
When you used the IRS Withholding Estimator, at the end of the interview did you click on the button for getting close to $0 for a refund? That would have given you the amount of allowances to claim going forward.
You can claim as many allowances as necessary. Allowances are not the same as claiming dependents on a tax return.
Use the IRS Withholding Estimator - https://apps.irs.gov/app/tax-withholding-estimator
I've used this link quite a few times but it still doesn't make me know how much I should put for allowances? IS 5 allowances good you think?
Using 5 allowances would reduce the amount of federal income taxes per pay period.
When you used the IRS Withholding Estimator, at the end of the interview did you click on the button for getting close to $0 for a refund? That would have given you the amount of allowances to claim going forward.