Good Idea – or – Not?

This year I decided to try and get more money in my pocket by claiming four dependents on my W2. I was told by an H&R Block employee that I would owe little to nothing at what I make this year if I did this. As the year has gone on; it has been on my mind. I don’t want to end up having to pay out a huge amount at the end of the year. My estimated Gross for this year should be around $37,000 – I was out of work for three months this year.

So my main question; is it a good idea for me to claim four dependents on my W2 to get the extra $30 or so dollars a week? I need to know weather or not I will be paying at the end of the year, if it’s a matter of $500.00 I would not mind that so much. If it’s $1,000 or more then I want to make some changes now to prevent sticker shock come tax time.

I live in Minnesota, and live alone.

Any information appreciated.

HR Block should be able to calculate and estimate what deductions you have and whether you will owe or not at the end. Generally you should not do that.

Follow-up from Author: I double checked today and found that I am only calming 3 dependents.

I am single, never married, live alone, no kids. Anyone know if I will owe anything come tax time with an estimated $37K earnings for the year?