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How many tax exemptions to claim

how many tax exemptions to claim

What do you need to access information from Where's My Refund?

Full Answer

By not claiming every exemption he is eligible to claim, a taxpayer may be allowing the IRS to take out more money from his paycheck than he actually owes, notes TurboTax. While the taxpayer receives the extra withheld money back in his tax refund, claiming the right exemptions can increase his paycheck and still allow him to receive a tax refund every year. TurboTax notes that an employee needs to file a revised W-4 form for the correct tax year to claim all of his exemptions.

Related Questions

How do you use an income tax return calculator?

Individuals enter information about filing status and taxable income into a tax return calculator to determine how much federal income tax they owe, according to TaxAct. After entering the information, the tax calculator

provides an estimate of the income tax owed, tax percentage and tax bracket.

How do you determine if you qualify for the IRS earned income credit?

A taxpayer can use the EITC Assistant on the IRS website to determine if she qualifies for the IRS earned income credit, according to the IRS. To qualify for the credit, she must either file as single, head of household, married filing jointly, or qualifying widow(er), as of 2015.

How do you know if you must pay the alternative minimum tax to the IRS?

U.S. taxpayers can determine whether or not they are subject to the alternative minimum tax by filling out Form 6251, according to the IRS. Tax software also automatically calculates this alternative tax and notifies users if they are required to pay it.

How do you determine whether you have to file taxes?

Category: Taxes

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