How many exemptions can we claim on W4? Would like most money in check, and not get refund/owe. Married, two kids (credits claimed), we each have one job. 47k yearly.

[tecurtin1]

You have to calculate this for your own situation --- everybody's is different.  You can claim as many exemptions as you can justify based on your income,.family AND amount of deductions you have.  Unfurtunately there isn't any one pat answer to this

[Hal_Al]

There is no limit to how many allowances you can claim. Use this tool to calculate your allowances https://turbotax.intuit.com/tax-tools/calculators/w4/. I assume $47K was for both of you. It will probably be about  6 allowances each

Because of the refundable credits, you will still be getting a refund even if you reduce your withholding to zero (which you should do).