Either of you can use either or bothof the childrenon your W-4. It’s the same as if they were your own children. The fact that they are stepchildren doesn’t matter. On your joint tax return you are bothclaimingthe childrentogether. It makes no difference whose children they are.
People also ask
How many dependents can you claim on a W-4?
Report Inappropriate Content. 2020 W-4 Dependents. The old rule of thumb used to be that the higher-earning spouse claimed all of the dependents and the lower-earning spouse claimed zero dependents. However, under the new tax law with the deduction for dependents replaced by a credit, this method is less accurate.
Are there any changes to the W4 form for 2020?
For 2020, W4’s have been completely redesigned. Exemptions or Allowances are no longer applicable. My suggestion is to use the IRS Tax Withholding Estimator here .
What happens when both parents claim a child on a tax return?
What Happens When Both Parents Claim a Child on a Tax Return? – TurboTax Tax Tips Videos What Happens When Both Parents Claim a Child on a Tax Return? What Happens When Both Parents Claim a Child on a Tax Return? The Internal Revenue Service (IRS) allows you to potentially reduce your tax by claiming a dependent child on a tax return.
What does the IRS care what I claim on my W-4?
The IRS only cares what you claim on your tax return when you file it, and that you pay your taxes if owed, at the time you file your tax return. Most couples, if their only source of income is W-2 income, will claim on the W-4 at least 1 less than they are entitled to. This increases their withholding from each paycheck.