W-4 question

[stephen87]

I need a tax "expert". Redoing my W-4 and I have a question about claiming allowances due to the changes within the tax system signed into law recently.

 

[JettaKnight]

Why would you want to adjust allowances? AFAIK, there wasn't anything in the recent changes that necessitates a change in withholdings that's not done by the employer using the new tables.

 

[stephen87]

Because I am adjusting for claiming my children next year.

 

[JettaKnight]

Because I am adjusting for claiming my children next year.

Then just change you exemptions. AFAIK, there's nothing you'd do this year on your W4 that you wouldn't have done before.

 

[stephen87]

Okay, full story.

Ex and I split. We have two kids. She claimed them both out of spite. She agreed I get to claim both kids this tax year, then we split them. I want to set it up as just one child so I can leave it alone after that. The way the W4 is written now, you claim 1 exemption if you are single. Claim 5 for every dependent if you make less than 70k. Three for 70k to 145k. Etc. Claiming 6 seems like a LOT to me because of how the old W4s were set, so I qanted to verify.

 

[JettaKnight]

Gotcha.

Set it up for a larger than normal refund for 2018*, then more reasonable after that. OK.

So looking at the form, I'd say yes, follow the instructions and claim 6 allowances. The changes do make enough of a difference.



* Don't let Houghmade know or he'll make fun of you for give the Feds a free loan!

 

[stephen87]

I'm okay with that. Not like lawyers matter anyway.