What and how many Tax deductions on W4 can I take if I am the main support?

Question

I am recently married and my husband is a disabled american veteran. He does not collect SSI. My question is should I change the number of deductions on my W4 from a zero to a 1 since I am the household main income support. Would I end up owing taxes at the end of the year. We also own a home as well.

Answer 1

If you want to just about break even and get a small refund do the worksheet on the back of the W4

Answer 2

You don't claim "deductions" on Form W-4, you claim withholding allowances. Deductions are claimed on Schedule A of Form 1040 when you file your tax return.

Assuming that your husband does not work and you are the sole breadwinner and you have no children, you'd normally claim 2 or 3 withholding allowances. You get one allowance for yourself and your husband as well as one "bonus" allowance if your spouse does not work and you have only one job.

In your situation if you claimed 0 or 1 you would get a substantial refund at the end of the year. That may sound nice but you're just giving the government an interest-free loan for up to a year with no benefit to you for doing so. That's not smart, IMHO.

If you claim 2 exemptions you should get a modest refund and if you claim 3 you should normally be within less than $100 either way of even money at tax time. By claiming the proper number of allowances during the year you maximize your paycheck and minimize that interest-free loan to the government. That is the smart way to proceed, IMHO.

If you have other income or significant itemized deductions, use the worksheets on page 2 of Form W-4 to figure the proper number of withholding allowances to claim.