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Forum -> Household Management -> Finances
W4 for dummies... number of allowances?



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amother
Lawngreen


 

Post Mon, Dec 31 2018, 3:25 pm
I don't know why once and for all I can't process this in my brain...
so # of allowances? includes myself, husband & children?
I'm crazy. I didn't submit change since my youngest was born- 17 months ago...
I thought I had- but didn't and its a chaval on the taxes...
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chicco




 
 
    
 

Post Mon, Dec 31 2018, 3:27 pm
I'm pretty sure you can get a refund on your taxes. If you claimed your baby on last year's return, it wouldn't have mattered that you didn't on your W4.
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zaq




 
 
    
 

Post Mon, Dec 31 2018, 3:36 pm
One for yourself and one for each of your dependents. But if you miscalculate and have too much tax withheld, you get a refund when you file your tax return. If you miscalculate and have too little withheld, you will owe taxes. You can ask your employer to withhold more if you find that you owe a lot.
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amother
Lawngreen


 

Post Mon, Dec 31 2018, 3:44 pm
Thanks Chicco & Zaq!
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wow




 
 
    
 

Post Mon, Dec 31 2018, 4:36 pm
According to the new tax cut, there won't be any deductions for personal exemptions, only a child tax credit of 2000.00 for eligible dependents. So I'm not sure how the tables now calculate federal taxes, since there is anyway no exemption for each person.
In any case when you'll file your taxes you'll get a refund if you indeed did overpay.
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dankbar




 
 
    
 

Post Mon, Dec 31 2018, 4:40 pm
Just make sure nobody is claimed twice
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supty




 
 
    
 

Post Mon, Dec 31 2018, 5:09 pm
It’s not just yourself and dependents- there’s a calculation based on your income amount and number of dependents. There are charts on the IRS website that make it pretty easy to figure out.
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wow




 
 
    
 

Post Mon, Dec 31 2018, 6:05 pm
supty wrote:
It’s not just yourself and dependents- there’s a calculation based on your income amount and number of dependents. There are charts on the IRS website that make it pretty easy to figure out.


I just looked at the new W-4 from the irs and correct... It's more than just the number of people in the household. The child tax credit plays a very big factor and depending on how much you earn you enter a certain amount of dependents for each child. OP read carefully all the instructions on a recent 2018 w-4 when you complete.
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amother
Hotpink


 

Post Mon, Dec 31 2018, 6:11 pm
OP - be sure you are using the 2019 form, and use the worksheet - and the instructions.
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thunderstorm




 
 
    
 

Post Mon, Dec 31 2018, 6:13 pm
OP , if your DH works you can't claim him. If your DH claims the kids already you can't claim them either. Keep that in mind. I'm not sure what your situation is.
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