How many allowances should I claim on my w-4?
Asked by: megan
I am wanting to change my allowances on my W-4 to get the most out of my paycheck. Right now I only claim one and I always get back a nice refund of around $ 6000. However I could really use that $ 500 a month or so to help pay bills every month. I am a single dad of 4 kids and things have gotten tight. A friend of mine mentioned this to me as a way to bring in more monthly income rather than waiting for that big check every April. So how many could I claim without having to owe the IRS come tax time. I make roughly $ 50-$ 55K per year an usually pay in nearly $ 10K in Federal taxes by claiming just one. Is there some way to calculate this to make sure I am not under paying? Any help would be appreciated. Thanks!!
oh yea,I am not sure if this matters, but when I file my tax return each year I only claim two of the kids as dependents. The mother claims the other two. That way we both benefit from the tax benefits.
We have joint custody so we split the time 50/50. it was court ordered that we both can claim two. We did it last year with no problems.
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