What's the max I can claim on my deductions I am married I just bought a condo and I have two children?

Answer 1

I believe that your HR department will not allow more than 10 without proof.

Answer 2

On form W-4 there is a worksheet for you to calculate the number of exemptions you can claim. Calculate what your total itemized deductions will be, subtract 10,000 and get the difference. Divided the balance by $3,300. Round down the figure. Thats how many additional exemptions you may claim along with you, your wife and two children.

If you just bought a condo, keep in mind you do not have a full year of interest or real estate taxes, unless you just sold a primary residence. Also, you can write off any points your may of paid at the time of closing. Don't miss out on that valuable deduction. Good luck to you!!

Answer 3

There IS NO maximum. If you claim too many ALLOWANCES on your W-4, your withholding will be to low and you may owe penalties for under-withholding. The best way to determine the CORRECT number to claim is the withholding calculator on the IRS website.

Mark's answer is based on OLD rules. At one time, any W-4 claiming 10 or more had to be reported to the IRS. Routine reporting of W-4s has not been required for a number of years. The IRS can request copies of any W-4 and any time. If you own a significant amount of taxes, the IRS can order you employer to ignore your W-4 and withhold at a higher rate.

Answer 4

Yourself and your two children, if you are not married and your spouse is not claiming you and the children. If you are supporting your parents and/or spouse you can claim them. A portion of your mortgage payments are deductable as well as other qualifing home repair expenses and certain additional child expenses, such as childcare.
You may also qualify for a head of household deduction.

Answer 5

My husband and I have two children and he is eligible to claim 5 on his tax forms.