Hello I am married with two children and my wife and I file our tax return jointly every year. However, she has been the higher earner, claims the kids and have been filing "married but withholding at a higher single rate" but I recently got a new job doubling my salary which now makes me the higher earner, although it's at the tail end of the year (October). Not sure how to determine filling out my W4 & if we should change her W4 to make sure we do not owe again? We will now be making a combined $220k for the year.
My questions:
- Do I consider that I didn't start until November so we will not be making the full $220k or does it matter that we're teetering towards the end of the year?
- Is there a rule or better outcome for the higher earner to claim the kids?
- I want to avoid owing taxes to the government come tax filing season and would like a generous return if possible. What is the best way to fill my W4 for this desired outcome?
- Essentially what is the best way to fill out our W-4's to have enough taxes withheld, avoid owing and or getting audited, given the fact that my wife and I file jointly, have two children, and I received a job making me the higher earner in October?
- Also, will we still get a child tax credit when we file our taxes in 2024-25?
Thank you!
