How do I figure the right number of exemptions to claim?

April 14, 2004

From:  Kim
Date:  Wed, 31 Mar 2004

I just recently bought a house and want to change what I claim on my taxes. Currently, I claim single 0, but I am married. I know next year I will have a huge write off. I would like to claim more to get more now when I need it to help pay for the house. Of course, when I actually file I will claim married. How does it work? I have no idea my limit as to how many to claim.

Answer

Date:  Fri, 2 Apr 2004

Hello Kim,

There is a worksheet for Form W-4 (the withholding form) that outlines a method for computing the correct number of exemptions to claim. Try using the worksheet. You might need to seek help with this from a tax advisor.

Good luck!
Mike Gray

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