Hello,
I'm looking for clarification concerning claiming allowances on the Form W-4Ps. Instructions on Page 3 under "Multiple pensions/more than one income" states: "To figure the number of allowances that you may claim, combine allowances and income subject to withholding from all sources on one worksheet. You may file a Form W-4P with each pension payer, but do not claim the same allowances more than once. Your withholding usually will be most accurate when all allowances are claimed on the Form W-4P for the highest source of income subject to withholding and zero allowances are claimed on the others."
My husband and I file Married Jointly. He has one monthly pension check which is larger than my two combined. If calculations show that we need to claim 4 allowances on the W-4P to come out paid up with no refund at the end of the year, does the instruction LITERALLY mean that he should claim 4 throughout the year and I should claim 0?
Thank you, Ellen