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How should I fill out my W4 and IT-2104, married with 2

Customer Question
HI, how should I...

HI, how should I fill out my W4 and IT-2104, married with 2 kids, live in Brooklyn, we make $300k combined

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We prefer to pay less taxes and have more taken out per paycheck, I make more than my husband

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Nope don't think so

Submitted: 3 months ago.Category: Tax
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1/8/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,162
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnwer!

My name is***** will assist you today.

To complete the W4 being married with two kids you would enter the following

Line A - 1 for yourself

Line B - 1 for being married

Line C - 1 Since your spouse works

Line D - 2 for dependents

Line E - 0

Line F - If you have child or dependent car expenses enter 1, if not enter 0

Line G - Do you claim the child tax credit? if not enter 0

Line H = 5 but may be 7 if depending on your answers to F and G

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

You will then place the final total on line 5 and sign. If you wish to withhold more then you may place the extra amount on line 6.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

For the NY withholdings you have to complete the worksheet on page three of the link below to the "Employees Withholding Allowance certificate."

https://www.tax.ny.gov/pdf/current_forms/it/it2104_fill_in.pdf

Please review the work sheet. If you have questions about the work sheet please let me know.

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,781
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Different expert here - my name is ***** ***** I have a different answer.

Because you mentioned that you want MORE taken out of your paycheck, you would claim LESS exemptions not MORE.

For W-2, married 0 or married withhold at single rate.

For IT-2104, the same.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 3 months ago
Confused. So ultimately just claim 0 regardless of dependents?
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

That's right, because of your high income. You don't want to get stuck having to pay taxes when you file your tax returns.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

No, you don't just put "0"

Line 6 is created specifically for you to withhold additional money after claiming the proper amount of deductions.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

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Federally Licensed IRS Enrolled Agent

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