Claiming dependents

[Jtaylor216]

Next year my child’s mother and I will start trading off on who can claim her as a dependent.  We now split her time 50/50. 
I usually claim 2 on my federal for the past 6 years she has lived with me.  I noticed I claim 1 on my state; I’m not sure why they’re different. Maybe I forgot to change them both to 2. 
Can or should I adjust my w4 every year now? 
I want to maximize my take home pay without owing money at tax time. 
What should I be claiming, for both federal and state?

[carmen_t]

Great question!  Since this change will reflect your current year taxes and alternate each year I would definitley update your W4 form with your employer to account for the most up to date tax situation for you.  Besides updating W4 form with your employer I would use a tax calculator.  TaxCaster is a good one and I will add a helpful article on how to estimate federal withholding.

TaxCaster 

How to Estimate Federal Withholding 

W4 Calculator