We were was blessed with a son on 11/04. Currently, number of exemptions in my Federal and Michigan state W4 are 3. Should I bump this to 4? Also, how should I answer Tax Exempt Indicator question- "exempt, reportable" or "no exempt"?
Congratulations! The more allowances you put on your W4 the less taxes are taken out. If you have been getting a big refund you can change it to 4, but if you have been owing taxes or get a very small refund you may want to keep it to 3. If you are not exempt you would choose no exempt. See the following for more information regarding a W4
Withholding Exemptions - Personal Exemptions - Form W-4
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Note: When you claim your son on your 2015 tax return, when it asks how long did he live with you, select the Whole Year. A child who was born during the year
(even if on the last day) is treated as having lived with you all year
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