So I've never made much money, and always filled out my W4 claiming both my kids as exemptions. I don't get much taken out of my check in federal taxes, but never pay any in either. This year I finally got a new job, and went from making $8k a year to $45k a year. My wife makes $35k, so that puts us at $80k with 2 kids. My brothers were telling me at Xmas that I need to not claim exemptions on withholdings for either kid, or come tax time I will have to pay a shitload in. They both pay the maximum tax rate then get a big refund. Is this true? I'd rather not have a refund and not pay any in. Is it true with my income going up I'll be screwed at tax time unless I pay the maximum rate? Thanks in advance for any help. I've heard conflicting things about withholdings so wanted to get some input. I remember reading somewhere that paying in then getting a big refund is dumb because it's basically putting your money in an interest free account all year.
Submitted December 25, 2018 at 08:15AM by RICHB0YWINST0N http://bit.ly/2rVdjpM
