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okay, Jan 2008 I claimed 5 dependents; normally I only claim

myself, but someone whom I...
okay, Jan 2008 I claimed 5 dependents; normally I only claim myself, but someone whom I thought savvy, told me I could claim as many as I like as long as I paid my taxes when they became due in April and as long as I changed back to 1 dependent. Today I have made $70,000 and claimed 5. Yesterday I changed back my W4 form to 1 dependent. I have saved money to pay the taxes, but people have been telling me I should have paid 'estimated' taxes and now I will be fined and penalized. Can you tell me approx. what to do and how much taxes I will to pay and how to pay them - shall i contact the IRS?
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12/3/2008
TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
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Charly,

 

I have a few questions in order to help you properly.

 

What will be your total income for the year? Do you have income from any other sources?

 

What is the federal tax withheld to date?

 

What is your filing status? Do you have any dependents?

 

Do you itemize deductions? If so, what are your deduction figures?

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Customer reply replied 8 years ago
<p>Real close i think aroung $74,500 gross, put to last week is $68,385.00</p><p>No income from other sources</p><p>Federal withheld to date for the $68,385 is $9,235.64</p><p>Nj withheld to date is $2,375.42</p><p> </p><p>My filing status is back to 1 dependent because that is all i am. I live with mom and am hoping to claim head of household, but am not sure i can do that and not sure if she will</p><p>allow me to claim her as a dependent. She is 84 and makes around $20,000 from SS and pension. </p><p>My problem is she may not agree.</p><p> </p><p>so, probably I will not be head of household and just claim me. Can you tell me both ways?</p><p> </p><p>I really have no deductions. I have no house, no medical bills and so you see I have worked for the past few years making only $13-15,000 year until this opportunity, which is making me sick.</p>
How much is your mother's pension per year? I need to know so I can determine whether you are eligible to claim her as a dependent.
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Customer reply replied 8 years ago
Her pension is appox. $3,960 per year and ss is $11,115.for this year. She has maybe $1000 in interest for the year, maybe less

Unfortunately, her income is too much for you to claim her as a dependent, so you will not qualify for head of household.

 

It would appear that you are going to be responsible for approximately $12,811 in federal taxes and approximately $2,570 in NJ state taxes.

 

Depending on how much taxes are withheld in the last month, which I estimate to be an additional $840, you are looking at a federal balance due of about $2,736. NJ state is harder to estimate, however, it doesn't even look like you will owe $100 to NJ state.

 

You can contact the IRS about paying Estimated Taxes. Please view the information here: http://www.irs.gov/businesses/small/article/0,,id=110413,00.html

 

If you file your return and wind up with this balance due, you may be subject to penalties and interest.

 

I put your income through a W-4 Calculator on hrblock.com to figure out how many dependents you should claim through the year. You are safe to claim 2 dependents on your W-4 and have $1 withheld from every paycheck, if you are being paid biweekly. This will maximize your checks during the year and leave you with a small balance due ($13).

 

Please let me know if I can help you further.

TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
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Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
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