Filling out my W4 for a new job at the end of the year

[T-ron81]

Hello I am married with two children and my wife and I file our tax return jointly every year. However, she has been the higher earner, claims the kids and have been filing "married but withholding at a higher single rate" but I recently got a new job doubling my salary which now makes me the higher earner, although it's at the tail end of the year (October). Not sure how to determine filling out my W4 & if we should change her W4 to make sure we do not owe again? We will now be making a combined $220k for the year.

My questions:

- Do I consider that I didn't start until November so we will not be making the full $220k or does it matter that we're teetering towards the end of the year? 

- Is there a rule or better outcome for the higher earner to claim the kids?

- I want to avoid owing taxes to the government come tax filing season and would like a generous return if possible. What is the best way to fill my W4 for this desired outcome?

- Essentially what is the best way to fill out our W-4's to have enough taxes withheld, avoid owing and or getting audited, given the fact that my wife and I file jointly, have two children, and I received a job making me the higher earner in October?

- Also, will we still get a child tax credit when we file our taxes in 2024-25?

Thank you!

[Opus 17]

Any changes you make to your W-4 now will have limited effect because it is close to the end of the year, but you probably want more withheld than less, to avoid the possibility of a penalty.

I recommend the IRS calculator here.

https://www.irs.gov/individuals/tax-withholding-estimator

It may be harder to use with the new job, because it works best if you have at least one paycheck.  But you may be able to estimate.  I would also use the calculator again in January, after you both have your first 2025 paychecks, so you can reset your withholding for the rest of the year if needed. 

If you don;t want to use the calculator, you can start with "withhold at higher single rate" and make sure the children are only listed on one W-4, not both, so the effect of the child tax credit is not counted twice. 

The phase-out for the child tax credit starts at $400,000 income for married filing jointly.