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-   -   Urgent : Reg W4 allowances (https://www.askmehelpdesk.com/showthread.php?t=165848)

  • Dec 26, 2007, 11:18 AM
    supera
    Urgent : Reg W4 allowances
    Hi ATE/MukatA,

    I need to send an updated W4 (we are resident aliens).Should I put in the allowances as following?

    Option 1
    ==========
    1 for myself
    +1 for married,one job,and spouse does not work
    +1 For Spouse
    +1 Number of dependents
    +2 Child Tax Credit - Each for one eligible child - Total income less than $85,000 if married
    Total - 6 allowances

    or should it be

    Option 2
    ==========
    1 for myself
    +1 for married,one job,and spouse does not work
    +1 For Spouse
    +1 Number of dependents

    Total - 4 allowances

    Pl advise based on your experience.I think option 1 is applicable to me but I was just concerned about the high number of allowances (6 in this case).

    Thanks
  • Dec 26, 2007, 03:01 PM
    AtlantaTaxExpert
    Supera:

    RE Option #1: You CAN claim six exemptions if your intent is to reduce your refund and perhaps actually pay when you file your return in 2009. This, BTW, is the SMART way to go, as ANY refund is an interest-free loan to the government.

    Just make sure you have the funds when you have to write that check with your returncome 15 April 2009.

    If you want to play it safe, go with Option 2.
  • Dec 27, 2007, 03:00 AM
    MukatA
    If you are married, filing jointly, spouse does not work, have two dependents, and you can claim child tax credit for 2 children, you can claim 6 allowances on W4.
  • Dec 27, 2007, 12:22 PM
    AtlantaTaxExpert
    Agreed!

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