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Can I claim 99 on dependents on a W2 form?

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Can I claim 99 on...

Can I claim 99 on dependents on my w2 form?

Submitted: 10 years ago.Category: Tax
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Answered in 21 minutes by:
7/19/2007
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 10 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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You are should only claim the number of exemptions allowed for your personal tax situation. Form W-4 provides for a calculation to maximize the exemptions allowed.

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

While you can claim as many exemptions as you want, it is in your best interest to claim the proper number based on your income and deductions. Should you have a large balance due next April due to under withholding; the IRS can require your employer to withhold at a level that it chooses.

http://www.irs.gov/taxtopics/tc753.html

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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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