I have a full time job + a part time job. My wife has part time job. we have 2 kids. How many allowances should we claim to increase paychecks and not owe at end of year
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Fill out one W-4 and answer all the questions and worksheets for having 3 jobs. It should give you a total number of allowances. Claim these allowance on the highest earning job and claim single/zero on the other two jobs.
Also, check the IRS withholding calculator. It's currently down so it can be updated for the new tax laws, but when it comes back, it is pretty accurate -- will use your most recent pay stubs and ask you questions about your expectations for the rest of the year, and give you recommendations. https://www.irs.gov/individuals/irs-withholding-calculator
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Now, if the tax law hadn't changed I would also say that you can add 1 allowance to whatever you are claiming for your highest earning job for each $600-$1000 of refund you got -- that will move the refund into your regular pay check and lower your end of year refund. But, with the change in the law, the IRS has released new withholding tables that are supposed to work with the old W-4. I'm not sure how accurate they really are going to be. So I would wait and see if the IRS releases a new W-4 form, and I would check the IRS calculator when it comes back, before I did anything drastic.
Fill out one W-4 and answer all the questions and worksheets for having 3 jobs. It should give you a total number of allowances. Claim these allowance on the highest earning job and claim single/zero on the other two jobs.
Also, check the IRS withholding calculator. It's currently down so it can be updated for the new tax laws, but when it comes back, it is pretty accurate -- will use your most recent pay stubs and ask you questions about your expectations for the rest of the year, and give you recommendations. https://www.irs.gov/individuals/irs-withholding-calculator
----------
Now, if the tax law hadn't changed I would also say that you can add 1 allowance to whatever you are claiming for your highest earning job for each $600-$1000 of refund you got -- that will move the refund into your regular pay check and lower your end of year refund. But, with the change in the law, the IRS has released new withholding tables that are supposed to work with the old W-4. I'm not sure how accurate they really are going to be. So I would wait and see if the IRS releases a new W-4 form, and I would check the IRS calculator when it comes back, before I did anything drastic.
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