We have no kids, but one due in May. My wife works, but hasn't worked while pregnant, but is getting disability. I am currently claiming 1.
2007-02-05 11:21:31 · 5 answers · asked by The Skizzanator 2 in Business & Finance ➔ Taxes ➔ United States
It depends on whether or not you want the government to "save your money" for you. The more deductions you claim during the year, the less money they take out of your check and pay into your account with the IRS. If you continue to claim just one, they will withhold more money but at the end of the year when you claim both of you and probably your new baby, you will get a bigger refund. It is your choice.
2007-02-05 11:27:13 · answer #1 · answered by dreamgirl 5 · 0⤊ 0⤋
I assume you ask of the W-4 for payroll purposes. Part of this depends on your income level. But as a safe bet, you can claim Married with 2 or 3 exemptions. If your spouse is working and earns less than you, she may consider setting her W-4 at Single, 0. You don't want to both be claiming Married with 3 exemptions, because the withholding will be the equivalent of married with 6 exemptions. If you are a small amount, say under $31000 combined, and at the end of the year you have 1 child, you could claim EXEMPT becaus eyou won't have ANY tax liability.
Tax Advisor
2007-02-05 11:26:59 · answer #2 · answered by WealthBuilder 4 · 0⤊ 0⤋
keep claiming one (1). You wife will likely have to pay on the disability and you will have to pay more. So, if you overpay by claiming one, at the end of the year with three (You, wife and baby), you will likely get a refund. Look at it this way, it is forced savings. You might like it.
2007-02-05 11:25:58 · answer #3 · answered by The Cythian 3 · 1⤊ 0⤋
Always do "0", if you want to keep your money for as long as possible.
2007-02-05 11:29:33 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If it was me I'd stick with one.
2007-02-05 11:29:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋