topic Re: Allowances help in Deductions & credits

Allowances help

Richie2you — Tue, 23 Jul 2019 22:26:23 GMT

Hello,
I am trying to figure out how many allowances to enter on the W4 when I start my new job in a few weeks. A number of facts are making this difficult:
1) I Got married in ‘19 and we will file jointly
2) I had business income from 1/1-7/31 + paying estimated taxes qrtly
3) Wife is employed FT and has always had 0 allowances
4) When I was employed and single I had 2 allowances max
5) We have a child and will claim dependent care credit + child tax credit

As I mentioned the most allowances I ever had was 2. However I tried using the IRS withholding calculator and it suggested 12 for me on my new job and 14 for her. Not sure where I went wrong but could use some help! Let me know if you need specific income amounts.

Re: Allowances help

xmasbaby0 — Wed, 24 Jul 2019 00:36:08 GMT

https://www.irs.gov/newsroom/irs-withholding-calculator-can-help-workers-have-right-amount-of-tax-withheld-following-tax-law-changes

Re: Allowances help

Richie2you — Wed, 24 Jul 2019 01:09:58 GMT

Thanks for the response. I tried this IRS calculator and it suggested 12 allowances for me and 14 for my wife, which sounded way off. I believe I may have done something wrong but given the facts in my original question does 12 and 14 sound way out of line?

Re: Allowances help

Richie2you — Fri, 26 Jul 2019 16:19:45 GMT

Does anyone else have any advice on my question? I appreciate your time.

Re: Allowances help

Anonymous_ — Fri, 26 Jul 2019 16:26:31 GMT

@Richie2you wrote:
Does anyone else have any advice on my question? I appreciate your time.

You could try the TurboTax calculator.

See https://turbotax.intuit.com/tax-tools/calculators/w4