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I just had a son and both my wife and I were previously

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claiming 0 what should I...
I just had a son and both my wife and I were previously claiming 0 what should I be claiming now? To get the most benefit for us.
Submitted: 9 years ago.Category: Tax
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7/5/2008
Tax Professional: The Guy Behind the Tree, Experienced Investor & Financier replied 9 years ago
The Guy Behind the Tree
The Guy Behind the Tree, Experienced Investor & Financier
Category: Tax
Satisfied Customers: 1,387
Experience: Don't tax you, don't tax me, tax the guy behind the tree.
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There is a way to accomplish what you want to do - to confirm that the right amount will be withheld from your pay for taxes. To do this you will need to estimate your income from all taxable sources, as well as your itemized deductions if any.

As much as I hate to refer anyone to a government source of any kind, actually the worksheet that your payroll people will give you - when they give you your W-4 form to specify the number of allowances you want used - is constructed for precisely the purpose you have in mind.

Have them help you follow the instructions that come with the worksheet and you will be able to confirm what the proper amount of allowances would be for your own personal situation. You can file a new W-4 any time.

OR … you can use the IRS calculator provided for this purpose, here:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Since the tax bracket and tax amounts will depend on your estimated income and deductions, this is the only reliable way to estimate how much you should ask to have withheld.
The Guy Behind the Tree
The Guy Behind the Tree, Experienced Investor & Financier
Category: Tax
Satisfied Customers: 1,387
Experience: Don't tax you, don't tax me, tax the guy behind the tree.
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