Should I Claim "0, 1 or 2" on My W4 Form?

Home Forums Mortgage Loan Should I Claim "0, 1 or 2" on My W4 Form?

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  • #73222

    admin
    Participant

    I was wondering since I just recently graduated from college in May 2011 and bought a house in September whether or not those make a difference in my W4 or Tax Refund forms?

    I am also single, not paying a mortgage, working part-time (currently looking for a real job), no dependents, and I own my house with my boyfriend. Also, my student loan repayment period just began in December.

    Please help! Thanks!

    #313025

    admin
    Keymaster

    So the more you claim, the less amount of taxes that will be withheld from your check. So come the end of the year, you may owe money, especially with no dependents. Claiming 0 will give you a tax refund, but you could just put that extra money in an account that earns interest. It depends if you want more money now or at the end of the year.

    #313026

    admin
    Keymaster

    As long as you only hold one job at a time, you can put two allowances on your W2 and should be close to having the right amount taken out. When you file your return next year you may owe a little or you may get a little back, but it will be close (usually within $ 100). If you want to make sure not to owe, file with one allowance.

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