Only one of you should claim your dependent. Also, if you qualify for the child tax credit only one of you should take the credit in the tax calculator tool to not double up.
It's important to submit a new Form W-4 whenever you have major tax situation changes, such as a change in marital status or the birth of a child, to ensure your withholding is adjusted accordingly.
- Child Tax Credit: The Child Tax Credit (CTC) can reduce your taxes by up to $2,000 per qualifying child under 17.
- Updating W-4: You can adjust your W-4 form to account for the Child Tax Credit and reduce the amount of federal income tax withheld from your paychecks.
Have an amazing day. Evelyn M (CPA 20+ years)
I would love a thumbs up 🙂 + Mark the post that answers your question by clicking on "Mark as Best Answer"
