<p>Any advice for a student filling out a W4? It appears I can only claim one allowance (for being single)... is it possible to claim more? How many can/should I claim?</p>
<p>I make just enough so that I don't have to file taxes, but I claimed zero allowances while working over the summer, so I figure I should file taxes to get withheld money back. I'm assuming this is the correct mentality... Any thoughts on how this might affect finaid?</p>
<p>Thanks!</p>
<p>I am not a tax expert (don’t come here for official tax advice), but you should be able to deduct tuition and some fees from your income on top of the standard deduction, provided you actually paid them yourself. It’s tricky determining which fees can and cannot be deducted, however. By the way, you can claim as many allowances as you want. I made about triple my normal income this summer but, by default, my taxes were withheld as if I were making that higher income for the entire year. Therefore, I had to claim several allowances in order for the proper amount to be withheld.</p>
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This is exactly it. You can claim as many as you want, but that will mean they are going to take less from your paycheck up front, and you may end up having to pay when you file.</p>
<p>The best bet is a conservative one, and claim only the ones you need to (i.e. single for single only or “1” for spouse unless your spouse also works or you have a second income). They will take a little more out of check now, but you will get back what is due to you when you file.</p>