Taxes and Tax Preparation
Income Taxes

How many tax exemptions can you claim?


Top Answer
User Avatar
Wiki User
2010-07-31 01:22:16
2010-07-31 01:22:16

You are only supposed to claim the number of qualifying exemptions that you are qualified to claim.

User Avatar

Related Questions

The number of exemptions that you claim affects the amount of taxes that you will pay by lowering them. That is if the exemptions are claimed when you file your taxes. The more exemptions that you claim on your paycheck, the more you money you receive in your pay each week, rather than having more in your tax refund.

There are a few places you can get this information. You can inquire directly with the IRS. You can check with your yearly tax preparer. And you can visit website. They have a tax calculator on the site.

To claim donations for tax exemptions, one must first check whether the charity has received their 501(c)(3) tax-exempt status. Once the receipt is received from the charity, one can claim it towards tax deduction.

The amount of tax you pay depends on how many exemptions you will claim and what you will file as. As little as three thousand dollars may be taken out of this check. 1100 dollars a month would be the average figure after tax.

Married filing jointly one exemption for each taxpayer that is listed on the 1040 federal tax return would mean a total of 2 exemptions. 1 plus 1 equal 2.

In the US, when another taxpayer is entitled to claim you as a dependent on their income tax return, you cannot take an exemption for yourself even if the other taxpayer does not actually claim you as a dependent.Then Exemptions for DependentsDependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later.Go to the IRS gov web site and use the search box for Publication 17 (2009), Your Federal Income Tax for Individuals go to chapter 3 ExemptionsYou can click on the below related link

Form W-4 is Employee's Withholding Allowance Certificate. You enter the number of your exemptions on Form W-4. The Personal Allowances Worksheet guides you to take an accurate number of exemptions. If you (and/or your spouse) are working at more than one job, you might claim 0 allowances to make sure enough tax is withheld on your earnings. Also, if you have a large amount of nonwage income (interest, dividends, etc.), either claim 0 exemptions or arrange to make estimated tax payments using Form 1040-ES (Estimated Tax for Individuals). For more information, go online to print Publication 505 (Tax Withholding and Estimated Tax) at

Congress didnt extend the current exemptions on inheritance tax. The exemptions are only temporary though and tax is likely to be reinstated fully within a year. More than likely Congress will extend the exemptions on the inheritance tax. When they are close to expiring they will be brough up for a vote.

Your not filing 2009 tax returns for over a I guess you mean a new W-4? As many as the workpaper that shows you how many is proper for your situation indicates.

Form W-4 is Employee's Withholding Allowance Certificate. It's an IRS form that your employer gives you to complete for the employer's records. Allowable exemptions are the number of personal, dependable, and other exemptions that you claim on Form W-4. Your employer refers to the number of exemptions and your filing status to calculate income tax withholding from your earnings.For more information, go to Select Topic 753: Form W-4 Employee's Withholding Allowance Certificate.Also go to the Forms and Publications screen, Select Publication Number to view/print Publication 505: Tax Withholding and Estimated Tax and Publication 919: How Do I Adjust My Tax Withholding?

You can find information the exemptions at www.window.state.tx

Yes but to itemize you will have use the schedule A of the 1040 income tax return and that does NOT have any affect on your exemptions that are entered on the 1040 federal income tax return page 1.

When you click on the link that has been provided for you below this answer you will go straight to a page which has all the information you are looking for regarding tax exemptions

The fewer exemptions you claim on your W-4, the more income tax will be withheld from your pay. Therefore, 0 exemptions will cause more withholding the 1 exemption.

The percentage of taxes taken out of a paycheck depends on the number of exemptions you are allowed to claim. The average amount taken out is 15% or more for deductions including social security and income tax.

You have to know what kind of income it is; any exemptions to be claimed; any credits available; age of the taxpayer; does anyone else claim the person who earned the income; are you talking about federal income tax?

Tax exemptions are designed to give individuals and businesses a break so they can have some of their money left to contribute to the economy. There are a wide variety of tax exemptions.

As many as you can legally find. It is your responsibility to see to it that the government steals as litle of your money as possible.

On your correctly filed income tax return 1040 page 1 where it says exemptions 1040 line 6d 1040A line 6d and 1040EZ you can only have 2 exemptions 1 for yourself and one for your spouse if married filing a joint income tax return.

Form W-4 is Employee's Withholding Allowance Certificate. It's an IRS form that you fill out for your employer. Employers keep completed W-4 form with their employment tax records.Often the number of exemptions that you claim on Form W-4 won't be the same as on your tax return. The exemptions on Form W-4 are designed to help your employer deduct the correct withholding amounts from your earnings.Also, Form W-4 only offers two filing statuses (Single, Married Filing Jointly). But your federal tax return has five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, Qualifying Widow(er) with Dependent Child.In filling out your return, you choose your exemptions according to specified situations (a choice of five filing statuses, personal/dependent exemptions). So you don't match the number of exemptions on your tax return with the number on Form W-4.For more information, go to for Publication 501 (Exemptions, Standard Deduction, and Filing Information).

As of 2012 it is 6.25 percent, but there are numerous exemptions.

Each exemption reduced the taxable income by the amount of the exemption. For 2008, the exemption amount is $3,500. They are two types of exemptions personal exemptions and dependency exemptions. The personal exemption is for the tax payer and spouse. Dependency exemptions are for those who pass the IRS dependency test. According to the information provided you may not be able to claim a dependency exemption for your brother, therefore your refund will be whatever federal tax withholdings is shown in the W2 box 2, and if you are over 25 years of age and have a social security number you may qualified for an earned income credit in the amount of $224.00. Good luck

Yes, you can claim for tax returns depending on your country's policies for income tax returns.

It all depends on how many exemptions you much you paid into taxes, how many deductions you have and whether or not you qualify for any tax credits. You can go to H& R bocks website and try their refund estimator tool (its free) to give you a better idea of how much you can expect to receive or pay.

Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.