I am married my wife doesnt work and we have 3 kids, right now i am claiming married and 3, i have been hearing from friends and family i should be claiming more like 6 or 7, i did a W-4 calculator and it said i should be claiming like 11 or 12 what do i do. This claiming 3 thing is killing me right now i need more money on my check but at the same time i dont want to owe money at the end of the year. Can anyone help me out please?
2007-12-03 02:58:39 · 4 answers · asked by amr3169 2 in Business & Finance ➔ Taxes ➔ United States
Oh yeah by the i dont own my home i rent. So my only right off's are my kids if that helps.
2007-12-03 02:59:57 · update #1
Last year claiming married and 3 i got back around $4,000 from Fed. and like $300 from State. I want a little more on my check instead of a big return.
2007-12-03 03:09:38 · update #2
The more you claim on your W-4, the less taxes are taken out now and the more likely you will have to pay at the end of the year. If you like to get a refund at the end of the year - than claim 3 or less.
NEVER claim more than 9 on a W-4. When you claim 10 or more - your employer is required to send the W-4 into the IRS separately and immediately. It's not a HUGE deal - but it does raise a bit of a red flag at the IRS and they will look over your 1040 very closely when it is received.
2007-12-03 03:21:53 · answer #1 · answered by amy1272hou 4 · 0⤊ 0⤋
Do the worksheet. You have five people you'll get exemptions for - you, your wife and the 3 kids. Depending on your income and the ages of the kids, you can take an additional one or two allowances for each kid who qualifies for the child tax credit.
If you got $4000 back last year and nothing much has changed, you could probably safely add 5 allowances and still not owe.
2007-12-03 13:41:31 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The more you claim, the more you get near paying it out at tax return time.
Are you getting a refund or paying with claiming 3?
Look up a tax table at the IRS site and see what the withholding is for what you are thinking of and estimate how much it will effect you.
Also remember this is going to effect both your federal and state.
2007-12-03 11:03:57 · answer #3 · answered by FREDOAK3 3 · 1⤊ 0⤋
Did you claim the same last year? If so, did you owe additional tax or get a refund? That should be a good indicator.
2007-12-03 11:03:50 · answer #4 · answered by npk 7 · 0⤊ 0⤋