Working Moms

Those with two incomes and two kids

How many allowances do you claim on your W-4... 4?  One for each member of your family?  For both you and DH?

When our kid #3 arrives at the end of this year I think we need to re-examine our allowances and try to get more in DH's paycheck, and less of a tax refund at the end of the year.  (we'll have three in daycare starting Feb. 2010, need every penny...)

Wife, Musician, Fed, WW-er, and Mom of three little kids - not necessarily in that order.

Re: Those with two incomes and two kids

  • I'm not sure (I'd have to look) but our goal is always NOT to have a tax return. I don't have any desire to give Uncle Sam an interest-free loan.
  • imagewheelenl:
    I'm not sure (I'd have to look) but our goal is always NOT to have a tax return. I don't have any desire to give Uncle Sam an interest-free loan.

    Exactly!

    Wife, Musician, Fed, WW-er, and Mom of three little kids - not necessarily in that order.
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  • I don't have 2 kids (working on it!) but (I think) my DH claims married and 3 while I claim single and 3.  Our normal tax return is about $500.  I will pull out the taxes later to check! Good luck, and I hope that helps!!
  • DH is set at married, 1, but withholding at a higher rate. Mine is married, with 2. We usually get around $3K back on taxes - but I prefer it that way. I am the higher income earner.

  • A lot of it depends on what your take home pay is. If you make a lot, you shouldn't claim as high a number as if you made less, KWIM?

    Baby Birthday Ticker Ticker Baby Birthday Ticker Ticker
  • I'm the higher earner and I claim 4.  DH claims 0.  We do this because on the W-4 worksheet the instructions say: 

    (honestly this confuses me a little, because I'm not sure if I should keep it as is, or have me claim 4 and DH claim 4, or have me claim 8?)...

    Two earners or multiple jobs. If you have a working spouse or more than one job, figure the total number of allowances you are entitled to claim on all jobs using worksheets from only one Form W-4. Your withholding usually will be most accurate when all allowances are claimed on the Form W-4 for the highest paying job and zero allowances are claimed on the others.
    Wife, Musician, Fed, WW-er, and Mom of three little kids - not necessarily in that order.
  • I think 3 or 4.  I upped it b/c our refunds were too big, but we also have a lot of deductions so there's only so much I can do.
    DS1 age 7, DD age 5 and DS2 born 4/3/12
  • This is a great question!  I claim at least 3 and my husband change his at the begining of the year to a higher number.  We also want to avoid giving uncle Sam extra.  Last year we had a huge refund and can't quite figure out why .... very perplexing, especially given that DH works as an HR exec and knows this kinda stuff.
  • You might try this handy dandy government provided tool.  DH and I had a hard time with it when we were both working.  We have some additional tax complications though. 

     Calculator

  • We already have three (in daycare) and its tough.  Later this month it will only be two as DD is going to Kindergarten.  I only claim 2 however MH taxes are complicated because he owns his own business.  I never know what is going to happen with his taxes...it all depends on the deductions & profits which is the last thing on my mind at the end of the day.  I am spent on everything else I do. 

    Baby Birthday Ticker Ticker Baby Birthday Ticker Ticker Baby Birthday Ticker Ticker
  • i don't know what we have put down- but we do tend to get a decent return --- which I'm OK with. If we had the money extra each paycheck we'd just spend it and not even notice it was there after a short while... getting a nice check in the spring = nice for us... I know it's dumb- but we just aren't good enough with money to spend it the right way - but having a little "bonus" with our return usually helps us put it all towards debt, etc.
  • we each put in married 2, (we have 2 kids)... we still owed last year, $600 federal, more to state and city.  we make about the same amount gross income (I'm parttime, he's full time) .  
  • We both claim single 0.
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