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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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i need to fill out m IT 2104 for new job of course.... I recently

Customer Question

i need to fill out m IT 2104 for new job of course.... I recently was informed that I had omitted income on my 2007 taxe which was income from unemployment totalling over 5000.00 I need to pay back taxes on this but cannot make payments so i will pay it out when 2009 ends what should I claim on my It2104 and w-4. I am married wife works makes around 27,000 per year I have one dependent own home and had worked for three months as a temp this year . I had recieved unemployment before my February employment and collected after untill I will start new job at $20.00 per hour which is also a temp assigment which may go till the end of this year.. Can you help[.
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

If you owe taxes for previous year - you may not "make up" the difference by increasing withholding for the current year on W-4 and IT-2104 forms.

past due tax liability and withholding for the current year - should be addressed separately.

 

For your past due taxes - you need to amend your federal and state income tax returns and determine the exact amount of tax liability.

You will also owe late payment penalties and interest based on the amount of additional tax liability.

If you can't pay - you need to contact IRS and NY Department of Taxation and Finance and set an installment plan.

 

For your withholding filing - as you both - you and your wife - work - you may check -

"Married, but withhold at higher Single rate"

You will claim

1 allowance for your self

1 - because nobody claims you as a dependent

2 - for your child (1 for dependent and 1 - for child tax credit if your child is below 17) - be sure that only you or only your wife claim allowances for the child.

as you own a home - you will likely itemize - if so - add one allowance for each $3,650 above the standard deduction - please also be sure that only you or only your wife claim these allowances - but not both.

see for reference

http://www.irs.gov/pub/irs-pdf/fw4.pdf

http://www.tax.state.ny.us/pdf/2009/fillin/wt/it2104e_2009_fill_in.pdf

 

If you need help to estimate your total tax liability - we would need your total income for the year and the amount of itemized deduction.

Let me know if you need any help.

 

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