My exemptions in my Federal and Michigan State are 1. I am married as of 2015, and we recently gave birth to our first child in 2017. To how many exemptions should I change my W4?
Also, how much Personal exemption and Child Tax credit can I claim? I filed as "Married Filing Jointly". Both me and my wife work full-time. Thanks.
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W-4's are going to change for 2018 in the next couple of months.
For 2017, if you are fling a joint return you and your spouse each get personal exemptions of $4050, and your child gets a $4050 exemption as well. The child tax credit for 2017 is $1000.
CHILD TAX CREDIT
The child tax credit can only reduce your tax liability down to zero. It is not a refund. If you have no tax due, then you may not receive the full amount of the $1000 Child Tax Credit
If your child turned 17 at any time during 2017, then you will not receive the child tax credit.
If you are claiming the Child Tax Credit for a child who was born in 2017, make sure you said in Personal Info that the child lived with you all year and that you entered the child’s SSN.
W-4's are going to change for 2018 in the next couple of months.
For 2017, if you are fling a joint return you and your spouse each get personal exemptions of $4050, and your child gets a $4050 exemption as well. The child tax credit for 2017 is $1000.
CHILD TAX CREDIT
The child tax credit can only reduce your tax liability down to zero. It is not a refund. If you have no tax due, then you may not receive the full amount of the $1000 Child Tax Credit
If your child turned 17 at any time during 2017, then you will not receive the child tax credit.
If you are claiming the Child Tax Credit for a child who was born in 2017, make sure you said in Personal Info that the child lived with you all year and that you entered the child’s SSN.
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