I'm looking for advice regarding withholding exemptions. We're not looking to overpay but we don't want to be left owing much (breaking even would be ideal).

Here are our particulars:

I make 30k
Wife makes 40k
We have a 1 1/2 yr. old daughter in full-time daycare
We live in Pennsylvania

At this point, I've claimed myself and my wife for the personal exemption and our daughter as a deduction. My wife has claimed our daughter only.

Is this a wise move? Would you recommend any changes?

Thanks!

Quote:

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Originally Posted by DCinPA

I'm looking for advice regarding withholding exemptions. We're not looking to overpay but we don't want to be left owing much (breaking even would be ideal).

Here are our particulars:

I make 30k
Wife makes 40k
We have a 1 1/2 yr. old daughter in full-time daycare
We live in Pennsylvania

At this point, I've claimed myself and my wife for the personal exemption and our daughter as a deduction. My wife has claimed our daughter only.

Is this a wise move? Would you recommend any changes?

Thanks!

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Also, we plan to file jointly.

With the day care credit and the Child Tax Credit, you should be okay.

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