My wife and I are paying a big lump sum this year in taxes (opposed to other years where we got refunds).
2019 W2:
Gross Income is $185,000
Net Income is $164,000
*$15,000 Federal Income Withheld
Paid Bi-Weekly
Tax Bracket: 24%
Our question is for 2020:
-Should we BOTH claim 1 on Federal and 1 on State (current)
-Should ONE spouse claim 1 Fed/1 State and the other 0 Fed/0 State
-Should we BOTH claim 0 Federal and 0 State
-Should we have a MIX of Federal and State (i.e. 1/0 - 0/1, 1/0 -1/0, 0/1 - 0/1)
*if MIX is the right choice, what are the pros/cons for Federal vs State claiming?
Thanks for any insight and clarification on this topic.
