Question

Child tax credit

Forum|Forum|1 year ago
July 31, 2024
1 reply
0 views

I have 5 kids and a season working spouse

I bring in between 85 and 120k yearly

I currently have 0 allowances coming out of my check.

Is this wise to get the most back on my return or am I making myself just miss out on higher weekly take home pay?

I do prefer a high return.

X

xmasbaby0

Employee

There are no "allowances" on a W-4. You. do not mention the ages of your five children. The $2000 child tax credit is given for children who will be YOUNGER than 17 at the end of the tax year. For children older than 16, you get the $500 credit for other dependents.

Use the W-4 calculator to help you.

https://turbotax.intuit.com/tax-tools/calculators/w4/

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**