Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 decade ago

I'm single can I cliam allowances ? when can allowances be claimed?

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  • JQT
    Lv 6
    1 decade ago
    Favorite Answer

    A single tax payer with no dependent can claim either 0 or 1 exemption allowance. If you have one job, then you can claim 1 allowance on the W4. Some single tax payer like to claim 0 on W4 so they would get a big return when they file. But it is silly to give government an interest free loan for "over" tax withholding.

    If you have several hundreds of unearned income (i.e. interest, investment etc), then you may want to claim 0. So you wouldn't owe them for additional taxes on unearned income at the end of the year.

    However, if you have more than one job. IRS suggest that you claim 1 on the job that pay more most money and 0 on the other jobs.

    Best wishes.

  • 1 decade ago

    You get one exemption for yourself.

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