Free Living Will Forms Colorado
I am married and have 1 baby, is it worthing claiming 1 on our W-4 because we have such low income?
We recently went through a dramatic job loss and lost 2/3 of our income. We are barely able to keep food on the table after we pay out our bills each month. We have consolidated as much as we can. We both currently claim 0 on our w-4 tax forms, so is it worth changing these forms to claim 1 (since we do have a dependent anyway) to free up a little more money each month? I realize we will get less back on our tax return at the end of the year. I just want to make sure we wont OWE any moneyeither. We do own a house also. We live in Colorado (if that makes a difference)….Thanks for any info or advice 
With two of you plus a baby, you could probably claim five total between you on your W-4’s and still about break even – three for the three people, plus two for the child tax credit. If you want to be safe, one of you claim one, the other two for a total of three – you will very likely still get a decent refund. If your total income between you is under around $36,000, you will probably be eligible for an Earned Income Credit also.
Good luck
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