If I do not claim dependents on my W4, can I claim the number of dependents that I actually have on my tax return?
Yes. The number of allowances you claim on Form W-4 is used to calculate the tax withheld from your paycheck. However, the number of allowances you claim on your w-4 doesn’t have to match the actual number of dependents you have.
Claiming fewer allowances on form w-4 will result in more tax being withheld. This might result in a larger tax refund. However, it means you’re giving the government an interest-free loan. That’s because the government gets to keep more of your money until you get your refund.
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.