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
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!
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!