When I clam my self as 1 exemption what am I doing???
Different responders have interpreted your question in different ways. When you say “claim myself as 1 exemption,” it is not clear whether you mean on a tax return (Form 1040, 1040-A or 1040-EZ) in April , or on a W-4 withholding certificate when you start a job. If you mean on a W-4, then all you are doing is help to determine how much taxes will be taken out of your paycheck each pay period. The more exemptions (technically, “withholding allowances”), the less is withheld from your paycheck. At the end of the year, when you file your final tax return on Form 1040, you will pay any additional tax that’s due, or get back any overpayment as a “refund.” If you mean on your Form 1040 tax filing, then claiming an exemption for yourself just means you are entitled to the tax break associated with helping to support yourself with your income. Everybody is entitled to claim the exemption for themself, unless they can be claimed as a dependent by someone else (like a parent). Basically, this i
