This is a difficult question because there are no allowances or exemptions on federal returns any more. The way income tax is calculated has changed and the IRS withholding calculator is very different too.
It sounds like you are probably okay with your current tax situation since your wife doesn't work and you have children. If anything changes, you could suddenly owe taxes if you don't fill out a new W-4 form.
Situations that can put you at risk of owing taxes include: a large raise, your child turning 17, additional income such as an inherited IRA or a prize, your wife getting a job, etc.
Click here to learn more about the new withholding estimator.
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