Visitor III

Tax Allowances

So I was filling out a w-4 for a job and I got really confused about all the allowances, mainly when it comes down to the Child Tax Credit. I'm unmarried, but live with my girlfriend, our (almost) 1 year old and her 7 year old son from a previous relationship. I ended up having around 8 allowances before I took off some and got it down to 5 since you have to put 4 for a child eligible for Child Tax Credit. Idk what to do bc apparently the more allowances you have the less you get back on tax refunds. I guess I just need advice?
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Catalyst V

Tax Allowances

I can't stress this enough. It is IMPORTANT that you read the instructions for filling out the W-4, or you will risk under withholding of taxes from each paycheck, resulting in YOU paying an underpayment penalty at tax time. For example, if you have dependents, and none of them are under the age of 17 on Dec 31 of the tax year, then you will enter a ZERO in box E of the W-4.  So just read the detailed instructions and you can't go wrong. If necessary, you can read those instructions online at https://www.irs.gov/pub/irs-pdf/fw4.pdf