My husband and I have a 3 year old. My husband accidentally claimed 3 this year!!! Will we owe the government come tax season? With it being July already, if we change it now, is it possible to break even?
2007-07-05 17:36:32 · 3 answers · asked by Lyss 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
If you don't work then 3 is about right. No change is needed. Actually with the Child Tax Credit he may even be able to claim 4 and still not owe anything at the end of the year.
2007-07-05 17:56:24 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Are you working also for pay, and claim yourself? If not, he's OK claiming 3. And since you'll get a child tax credit for your 3-year-old, you shouldn't owe even if he claims 3 and you claim 1 - the CTC would make up for the additional allowance claimed.
2007-07-07 02:39:52 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Depends on what tax you are referring to? If it's state tax it depends on what state you live in. some states don't have income tax and some do. Also depends on what you can write off. Mortgage etc.
For anyone who does not have anything to write off and claims for themselves and other household members in the family will not brake even. but if you have something to write off you should be good.
If not, than I think you should do what you suggested. change on how many you claim. You can also have an additional amount on your federal tax withheld if you worry about having to pay back. good Luck!!
2007-07-06 00:49:55 · answer #3 · answered by Sonnenblume 2 · 0⤊ 2⤋