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!
Re: Taxes : Claiming
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:
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.
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.
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!
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.
TTC #2 for a million years: SA normal, CD 23 bloodwork shows nothing amiss, ovulation detected. Next step: ? maybe CD3 bloodwork to check eggs? All out of pocket, so limited IF tests/treatments.
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?