What should we claim on our withholding for 2020?

[AlexRachel]

My wife and I are paying a big lump sum this year in taxes (opposed to other years where we got refunds).

2019 W2:

Gross Income is $185,000

Net Income is  $164,000

*$15,000 Federal Income Withheld

Paid Bi-Weekly

Tax Bracket: 24%

Our question is for 2020:

-Should we BOTH claim 1 on Federal and 1 on State (current)

-Should ONE spouse claim 1 Fed/1 State and the other 0 Fed/0 State

-Should we BOTH claim 0 Federal and 0 State

-Should we have a MIX of Federal and State (i.e. 1/0 - 0/1, 1/0 -1/0, 0/1 - 0/1)

*if MIX is the right choice, what are the pros/cons for Federal vs State claiming?

Thanks for any insight and clarification on this topic.

[DavidS127]

You should work through the W-4 screens in TurboTax, or use the IRS website at this link determine your withholding elections for 2020.

To work through the TurboTax screens, click the "magnifying glass Search" icon on the top row, enter "W-4" in the search window and press return or enter, and then click in the "Jump to W-4" link.