W-4 with 4 children both parents work

[iwinkie]

Hello, 

Both my wife and I work and we file taxes jointly.  However, we always owe a lot of money at the end of the year.  We are both claiming all 4 kids on our W-4's, should we stop doing so? 

[DoninGA]

Yes only one of you should report the 4 dependents on one W-4 or you you could each report two on the W-4.

Go to this IRS website and use their Tax Withholding Estimator for each of you - https://www.irs.gov/individuals/tax-withholding-estimator

[bluedeb · Accepted solution]

Since both of you are working and each claiming 4 each that is why you owe taxes.  The following may help.

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

and 

https://www.vanderbilt.edu/studentemployment/students/W4_Guide_For_Students.pdf

[Critter-3]

It is possible that neither of you will claim any or all of the kids  and  one or both of you may need to be choosing the SINGLE filing status ... use the IRS tool to see what they recommend.