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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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I want to know how many exemptions I can claim to break ...

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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?
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?
Customer: replied 8 years ago.
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?
Customer: replied 8 years ago.
no medical expenses hopefully. charitable contributions 1200 per year about that.
Customer: replied 8 years ago.
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.

If you claim single with 2 allowances, federal income tax withheld from you wages biweekly is $443. You should not claim any more allowances.
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