Question

what to claim on taxes

Forum|Forum|2 years ago
October 13, 2023
1 reply
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my husband and I both work. He makes more. We have 1 child. We file married jointly. When populating W4s can we both claim the child? Shall I claim myself? we are trying to break even and are in the 24% tax bracket.

Do I need to claim Zero across the board? I'm so confused with these new laws.

N

NCPERSON1

@Clover622 jsut follow the W-4 instructions CLOSELY. It's really not that difficult.

for example, the W-4 SPECIALLY SAYS "Complete Steps 3–4(b) on Form W-4 for only ONE of these jobs'.

Step 3 related to your children. That is a clear instruction that the child is only to be consider on either your W-4 or your spouses.. PLEASE READ THE INSTRUCTIONS and you will have your answers.

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

At this late date in the year, by recommendation would be to complete the W-4s as if it were 2024 - that way everyhting is correct going into the new year.

for 2023, after you provide the new W-4 to your payroll deparments, look at the first paycheck after they implement the change. Then use this IRS tool to determine if you are going to be under or over withheld for 2023. if it looks like you are going to owe, just begin savings that amount from each paycheck - and be prepared to pay it as part of your tax return.

lastly. if you have income other than the wages from your paycheck THAT is what can make this exercise complicated.

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