Status advice

[jojojbr]

What is the name of your state?
New Jersey

My wife and I are expecting in May 2005. She is going to stop working. We both claim s1 right now. We made around 135,000$ last year and got back around 4500$. Next year we will get the child credit 1000$. What is the best way for me to have my status on my paychecks if I want to get back a similar refund?

M0, M1,M2, etc. I max out my 401k already.

Thanks!

 

[Snipes5]

S1. Leave it the same.

You don't say how much of that income is your wife's and how much is yours.

At income levels that high, the Child Tax Credit begins to be phased out. If you earn over $110,000, you may not get any CTC at all, though you should still get the $3150 exemption for the child.

Further, unless you are telling us that all you had were two W-2's and nothing else on the return, we have no way of knowing whether you got that big refund because you paid $12,000 in mortgage interest, along with property taxes and a healthy amount of taxes to New Jersey, plus donations to charity.

Logic tells me that if your AGI was around $135,000, both of you claiming S1 would NOT result in that large a refund unless you have a healthy amount of deductions on Schedule A.

Snipes