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<blockquote data-quote="loopkiller" data-source="post: 5552556" data-attributes="member: 601690">First of all, no one even knows what the current congress will pass as far as tax breaks. Until we know what passes the Senate, there is no way to tell.Secondly, if you live at home with Mom &amp;amp; Dad and they provide you food and shelter, this is your way of paying them back. Letting them claim you as a deduction is only fair.Now if you pay rent and pay for your own food, then you should keep your exemption. Depends on your situation though.If you file your taxes with zero deductions, then simply file your W4 with the same zero deductions. That way you have enough taxes taken out of each check and you don&#039;t find yourself with a large tax bill due come April. If you end up claiming yourself, then that just means a bigger return anyways.Some will say you are stupid to let the IRS hold your money and you should keep that money yourself and invest it blah blah blah. But truth be told, at your income level, that is usually going to amount to a very small sum of money and not really enough to worry about investing anyways.</blockquote>

[QUOTE="loopkiller, post: 5552556, member: 601690"] First of all, no one even knows what the current congress will pass as far as tax breaks. Until we know what passes the Senate, there is no way to tell. Secondly, if you live at home with Mom & Dad and they provide you food and shelter, this is your way of paying them back. Letting them claim you as a deduction is only fair. Now if you pay rent and pay for your own food, then you should keep your exemption. Depends on your situation though. If you file your taxes with zero deductions, then simply file your W4 with the same zero deductions. That way you have enough taxes taken out of each check and you don't find yourself with a large tax bill due come April. If you end up claiming yourself, then that just means a bigger return anyways. Some will say you are stupid to let the IRS hold your money and you should keep that money yourself and invest it blah blah blah. But truth be told, at your income level, that is usually going to amount to a very small sum of money and not really enough to worry about investing anyways. [/QUOTE]

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