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Taxman57
Level 1

W-4

My wife and I both work and we have two kids.

We file a joint return every year. With the new W-4 what is the best allocation for us the claim? 

I use to claim 3 on my past W-4 and now my wife’s got messed up and it shows no withholding. I need to get that fixed ASAP but what is best for both of us?.

 

I always tried to have the most taken out to end up with no refund or owe the government.

thanks  

1 Best answer

Accepted Solutions
conniem123
Employee Tax Expert

W-4

Hi Taxman57, yes that's always the sweet spot to not owe and not a large refund!  Finding that perfect withholding can be tricky.

 

There is a W-4 Calculator to walk your through the steps,

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

 

If you find there is not enough withholdings, one remedy to increase withholding from paycheck:
Remove the Child Tax Credit from Step 3 (Claim Dependents), this will remove the credit and
allow the employer to withhold more tax.

 

Once you complete the form, give it to your employers. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding.

 

I hope you find this helpful!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
conniem123
Employee Tax Expert

W-4

Hi Taxman57, yes that's always the sweet spot to not owe and not a large refund!  Finding that perfect withholding can be tricky.

 

There is a W-4 Calculator to walk your through the steps,

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

 

If you find there is not enough withholdings, one remedy to increase withholding from paycheck:
Remove the Child Tax Credit from Step 3 (Claim Dependents), this will remove the credit and
allow the employer to withhold more tax.

 

Once you complete the form, give it to your employers. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding.

 

I hope you find this helpful!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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