Taxes : Claiming

Bri&Shane_3/8/08

This may be a big no-no, but I am totally at a loss. Yes, I'm sure I can "google it" - but I am wondering what other families do. My husband and I are trying to figure out what number to claim on each of our W-4's. We have both ALWAYS claimed 0, but now with Jackson it changes a bit.

He works full time, and I work part-time- we have one child.

What do you do?  Who claims your kid(s)?

HELP!

Kathzoo

There is a tax calculator on IRS.gov that is easy to use.  The girls on MM are helpful too!

koosh ball

In order to figure this kind of thing out, we would need to know your income and the guess of your deductions (home? standard deduction?). I highly recommend using the irs.gov calculator.

Keep in mind, you can't claim your child if you have an income exceeds these levels:

• $110,000 on a joint return
• $75,000 for an unmarried individual
• $55,000 for a married individual filing a separate return

 

preston18

koosh ball:

In order to figure this kind of thing out, we would need to know your income and the guess of your deductions (home? standard deduction?). I highly recommend using the irs.gov calculator.

Keep in mind, you can't claim your child if you have an income exceeds these levels:

• $110,000 on a joint return
• $75,000 for an unmarried individual
• $55,000 for a married individual filing a separate return

 

This is incorrect. That is the phase out for the Child Tax Credit. (See #9). Tthe standard exemption for children also has a phase out, but at a much much much higher level (that I can't find on a quick search).

You can change your W4 at any time. Check out the claculator at IRS.gov and monitor your tax withheld quarterly.  I do a mock return based on last years forms and this years income to make sure we're on track.

 

koosh ball

This is incorrect. That is the phase out for the Child Tax Credit. (See #9). Tthe standard exemption for children also has a phase out, but at a much much much higher level (that I can't find on a quick search).

I guess I am confused. The income limits I included are the same on the link you provided. The phase out means anyone over those income levels don't get a deduction for a child.

sparkelz

These are only the income phase out limits for the Child Tax Credit ; you can still claim your child as an exemption if your income is over this amount, you simply would not qualify for the Child Tax Credit.

koosh ball

sparkelz:

These are only the income phase out limits for the Child Tax Credit ; you can still claim your child as an exemption if your income is over this amount, you simply would not qualify for the Child Tax Credit.

Ahh that makes sense. Sorry!

WatchPot

Our goal is to not have a refund and pay only a small amount so we try to get as close as possible. 

 We each claim 1 for Walter. 

babyaustin725

I know we aren't doing it "right," but we like to get a bigger refund.  I always did single zero, but I haven't worked in about six months.  James claims married one, I think.  We usually get a decent refund, but I don't know how this year is going to look.

sparkelz

They generally advise that the person with the higher income claims the dependent on thier W-4.

tfarabians

baby_austin7/25:

I know we aren't doing it "right," but we like to get a bigger refund.  I always did single zero, but I haven't worked in about six months.  James claims married one, I think.  We usually get a decent refund, but I don't know how this year is going to look.

You do know that in doing that your basically giving the government a interest free loan though right?

kaskade

tfarabians:

baby_austin7/25:

I know we aren't doing it "right," but we like to get a bigger refund.  I always did single zero, but I haven't worked in about six months.  James claims married one, I think.  We usually get a decent refund, but I don't know how this year is going to look.

You do know that in doing that your basically giving the government a interest free loan though right?

This!  That refund is your money, and you're giving it to the government only to have them give it back later.  If you just didn't pay it now, you could put it into savings or invest it.  Wouldn't you rather just have it all year rather than have the government hold on to it?