HI, my husband and I just had a new baby in September and I wanted to know what I should change my w-4 to? Or should I just wait until the first of the new year?
2007-11-21 08:03:48 · 6 answers · asked by mrs333luv 1 in Business & Finance ➔ Taxes ➔ United States
I also had a baby in September. We did not change the W4 so we can get more back at income tax time. You can claim the baby or wait till the the new year, it's up to you.
2007-11-21 08:07:45 · answer #1 · answered by Leslie 2 · 0⤊ 0⤋
The W-4 only tells the employeer how much money to withhold for the different taxes. I have for years told my friends to claim dependants only not themselves (i.e. husband claims wife and/or child(ren) wife claims 0) The advantage to this is you get more money back at refund time. The child is an additional deduction. But the best advice is to go to a tax professional (H&R Block or a CPA). If you get to them early they can usually answer questions free or over the phone. Don't wait to talk to them when your getting ready to do taxes.
2007-11-21 08:38:23 · answer #2 · answered by SA Warlock 3 · 0⤊ 0⤋
One but not both of you can change your W-4 to include the baby - one additional allowance for the baby, plus maybe another one or two for the child tax credit.
No hurry on making the change - but when the change takes effect, your takehome will increase,
You will get an exemption and a child tax credit when you file for this year, so should get a nice refund.
Congratulations, and enjoy the baby....
2007-11-21 08:27:32 · answer #3 · answered by Judy 7 · 2⤊ 2⤋
It really just depends on your prefrence. If you want more money back at the end of the year you should claim more on your w-4.. If you want more money in you paycheck each pay period then you need to claim the opposite. So for a family of four say it is your husbands w-4 and he is the head of household, he can claim 1 for himself, 1 for being head of household and one for each of the dependants. It will give you more money in each paycheck. He can claim 1 for each family member and not head of household for withholdings through the year recieve lees in your check. then at tax time claim like above if it is true and recieve a larger refund... It is a little confusing...
2007-11-21 08:18:48 · answer #4 · answered by Poppy 2 · 0⤊ 1⤋
You Just need to change your W-4 if you want to take home extra money in your paycheck.add one more dependant.
If you want to see bigger refund at the end of the year, do not make any change.Either way you will get the same amount.
If ayou need more money now, make changes otherwise leave as is.
2007-11-21 16:43:09 · answer #5 · answered by sukhvir p 1 · 0⤊ 0⤋
You only need to change your W-4 if you want to take home extra money in your paycheck.
2007-11-21 09:35:50 · answer #6 · answered by Steve 6 · 0⤊ 0⤋