I just got married we have 2 children. We will not be changing our w4 this year but need to know what to claim next year. We make around 60,000 a year combined.

We would like to get the most out of our checks throughout the year but would also like a decent refund come tax time. I usually get around 7000 back at tax time because I have always claimed single with 2 dependants.

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1 Best answer

Level 15

May 31, 2019 5:53:37 PM

We would like to get the most out of our checks throughout the year but would also like a decent refund come tax time.

These are conflicting goals, and getting a big refund means giving the IRS an interest free loan all year. Also see this:

http://taxfoundation.org/article/understanding-marriage-penalty-and-marriage-bonus

Level 15

May 31, 2019 5:53:37 PM

We would like to get the most out of our checks throughout the year but would also like a decent refund come tax time.

These are conflicting goals, and getting a big refund means giving the IRS an interest free loan all year. Also see this:

http://taxfoundation.org/article/understanding-marriage-penalty-and-marriage-bonus

Level 15

May 31, 2019 5:53:39 PM

You may be in for a rude shock. The marriage penalty to you is unlikely to be offset by the marriage bonus to your spouse. Try this tool to get a peek at your 2016 tax results. <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1">https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1</a>

Level 15

May 31, 2019 5:53:41 PM

and Married Filing Separately won't help!

Level 15

May 31, 2019 5:53:44 PM

Try this tool:

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

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I just got married we have 2 children. We will not be changing our w4 this year but need to know what to claim next year. We make around 60,000 a year combined.