If I claim the child tax credit exemptions on my w-4, will I still recieve the credit when I file my taxes?

If I claim the child tax credit exemptions on my w-4, will I still recieve the credit when I file my taxes?

Postby roibeard » Mon Apr 11, 2011 5:35 pm

Annual income approx. 35000 married 2 children. I have only income in household
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If I claim the child tax credit exemptions on my w-4, will I still recieve the credit when I file my taxes?

Postby bainbrydge » Mon Apr 11, 2011 5:36 pm

The W4 does not affect how you file.
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If I claim the child tax credit exemptions on my w-4, will I still recieve the credit when I file my taxes?

Postby elsworth » Mon Apr 11, 2011 5:38 pm

The W4 impacts how your taxes are pulled from your paycheck.
If you claim - a tax credit on your W4, your taxes from your paycheck will be less.
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If I claim the child tax credit exemptions on my w-4, will I still recieve the credit when I file my taxes?

Postby fabrice » Mon Apr 11, 2011 5:39 pm

if the children are under 17 in your household as dependents you will have $2000 available to reduce your income tax liability
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If I claim the child tax credit exemptions on my w-4, will I still recieve the credit when I file my taxes?

Postby aswin22 » Mon Apr 11, 2011 5:41 pm

Claiming your kids on your W-4 results in your employer withholding less tax from your paychecks.

You still need to claim all applicable credits & deductions on your tax return. That will reduce your tax liability so that the (lower) amount withheld from your paychecks enough to pay your tax liability.
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