Your a fool! You should of put '0" or no more than 1. Now they will take less out so you will have to pay IRS next year income tax. If you take "0" you will get money back next year.
You have NEVER been able to claim ANY number of personal exemptions OR dependents on your W-4. You claim withholding allowances which are intended to adjust you withholding based on EVERYTHING that effects your total tax liability.
A am single with no dependents. I claim 3 allowances on my W-4 and owed $72 on my Federal taxes in 2018.
A good way to estimate the effect of claiming various numbers of allowances is the withholding calculator on the IRS website.
I believe the W-4 form is about to change, shortly. But anyway, I usually put 1 or 0, being conservative. Unless you have a side business or something, it's hard to owe taxes at the end of the year if you put 1. If you put 3, you might end up getting more back in each paycheck, but that could encourage you to live beyond your means. Your choice.
If you put 0 exemptions, you will most likely get a refund at tax time.
If you put 1 exemption, you will likely still get a small refund.
If you put 2 exemptions, you could go either way - it MIGHT be a very small refund or you might owe a small amount.
If you put 3 exemptions, you will owe the IRS taxes when you file your return unless your income remained below the standard deduction. (single person standard deduction is 12,000 for filing single)
Technically, you can put any number you want to.
HOWEVER, if you put too many, you WILL end up owing taxes when you file your tax return at the end of the year. AND, if you owe too much, you will also owe a fine for not correctly estimating your tax liability.
So, for a single person with only one job, the most exemptions you should take for a good estimate is 2. Of course, your total income for the year also plays a part in this. Low income is usually safe for 2 but if your income is going to be over 30,000 for the year, then only take 1.
If you have more than one job or if you get a second job later in the year, you should use 0 on any other jobs and change your highest paying job to only 1.
Answers & Comments
You can, but you would almost assure that you would owe taxes when you file. There isn't any such thing as personal or dependent exemptions anymore.
Your a fool! You should of put '0" or no more than 1. Now they will take less out so you will have to pay IRS next year income tax. If you take "0" you will get money back next year.
You have NEVER been able to claim ANY number of personal exemptions OR dependents on your W-4. You claim withholding allowances which are intended to adjust you withholding based on EVERYTHING that effects your total tax liability.
A am single with no dependents. I claim 3 allowances on my W-4 and owed $72 on my Federal taxes in 2018.
A good way to estimate the effect of claiming various numbers of allowances is the withholding calculator on the IRS website.
3 will result in owing at tax time. The larger your income the more you could owe. If that's what you want then its probably fine.
If you want to make sure you don't owe, then claim only 1.
If you have a credit like a large education credit. With 3, otherwise you'll end up owing.
If you put 3, you will owe money next year.
Put 46.
I believe the W-4 form is about to change, shortly. But anyway, I usually put 1 or 0, being conservative. Unless you have a side business or something, it's hard to owe taxes at the end of the year if you put 1. If you put 3, you might end up getting more back in each paycheck, but that could encourage you to live beyond your means. Your choice.
If you put 0 exemptions, you will most likely get a refund at tax time.
If you put 1 exemption, you will likely still get a small refund.
If you put 2 exemptions, you could go either way - it MIGHT be a very small refund or you might owe a small amount.
If you put 3 exemptions, you will owe the IRS taxes when you file your return unless your income remained below the standard deduction. (single person standard deduction is 12,000 for filing single)
Technically, you can put any number you want to.
HOWEVER, if you put too many, you WILL end up owing taxes when you file your tax return at the end of the year. AND, if you owe too much, you will also owe a fine for not correctly estimating your tax liability.
So, for a single person with only one job, the most exemptions you should take for a good estimate is 2. Of course, your total income for the year also plays a part in this. Low income is usually safe for 2 but if your income is going to be over 30,000 for the year, then only take 1.
If you have more than one job or if you get a second job later in the year, you should use 0 on any other jobs and change your highest paying job to only 1.
Put one (for yourself).