For this year only, we are married filing separate w/ 2 kids. Usually we do it jointly and claim 1 child each as a dependent. Child #1 is my wife's biological child, Child #2 is OUR biological child.
On our W4s at our jobs, both of us listed 2 dependents each (1 for ourselves, and 1 for the child we are claiming).
Now for turbo tax... If one of us claims both, we get more money back. But if we do it the way we've been doing it (claiming 1 child each), we lose Federal money and owe them $200.
We would really like to go with the first option where 1 of us claims both children. But will that mess things up because of what we filled out on our W4s? Doesn't that need to reflect what we put on turbo tax?
