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I want to know how many exemptions I can claim to break even end of tax year under the following conditions: my income is $72k. I work from a home office (size is 13% of my total sfootage in apt) and my rent is $830 per month. Total utilities and insurance run me about $160 per month. I pay $3600 in spousal support per year (300 per month). No dependents to claim (ex has that), I put 180 into my 401k monthly. No non reimbursed work expenses I can think of....am I missing anything to keep more of my hard earned check every month? I am claiming single 2 exemptions. Can I claim more?
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Hello and thank you for using Just Answer. Is the total spousal support you pay alimony or is some of the amount you pay is child support? Are you self-employer or a wage earner?Marvin,EA39596.706647419
alimony is 300 per month, child support is 1000 per month which i know is not tax deductible for me. wage earner.
Since you are a wage earner your home office deductions will be deducted on Sch A Miscellaneous Itemized Deductions subject to 2% of your AGI (Adjusted Gross Income). The home office deductions and other miscellaneous itemized deductions must be over 2% of you AGI. Will you have any medical expenses for you or your children, charitable contributions?
no medical expenses hopefully. charitable contributions 1200 per year about that.
Marvin, I found out what I needed to know but thank you for considering my request.
Income $72000 - $2160 (401K)= $69,840(taxable income)
Alimony paid $3,600, AGI $66,240
Total home office deductions $1,546,
charitable contributions $1,200. You will not be able to itemized. You will have to take the standard deduction in the amount of $5,350 for a single taxpayer.
AIG $66,240 - $5,350 (standard deduction) - $3,400 (personal exemption) = $57,490 (taxable income) Income tax on $57,490 is $10,797. If you are paid biweekly your employer should be withholding $415.25 for federal income tax.
Experience: 10 years self employed , Income Tax Preparation & Representation