child tax credit on W4 form??

Question

what is it and do we just leave it blank if we don't have child tax credit or what?

Answer 1

If you have children, you get a "Child Tax Credit" on your 1040 tax return. It is usually $1000.00 per child but can be less depending on your income. If your income is low, you may also qualify for the "Additional Child Tax Credit". If you put a number in this box on the W-4 worksheet, your withholdings will be adjusted to account for this credit and you will recieve more money in each paycheck (by way of a reduction of federal withholding) but beware, this will affect your refund/liability next year. Even if you have kids, you do not have to place a number in this box. If you were to fill this form out just right, what you would be trying to do is "break even" with the government so that next year you have no refund and no tax due (nearly impossible to calculate exactly).
FYI... You do not need to complete this worksheet at all and can claim as many or few exemptions as you like on the form at the bottom. If you like big refunds claim fewer exemptions, if you need more money in each check claim more, but realize that claiming more than you are entitled to could result in you owing money to the IRS on your return next year - a word of warning you should not claim more than 9 exemptions as this MAY trigger attention from the IRS.

If you do not have kids disregard this box.

Answer 2

yes you have to leave it blank if you do not have children