Can your employer change your w-4 withholdings without your consent?
Several years ago, the IRS put employers in a position to audit the exemptions or exempt status of an employees W4. An employer faces IRS penalties for allowing people to claim excessive allowances or an unjustified "exempt" status. Your wife's employer was covering his butt by altering the withholding from her pay. However, he should have discussed the options with her and had her submit a new W4 claiming an acceptable amount of allowances to reduce her tax withholding. If the status of "exempt" actually applies to the both of you, then a new W4 can be submitted and a copy of your 2009 tax return presented to your employer to back up the status claimed. The same will apply if above normal allowances are claimed to reduce the withholding amounts. To see what rules an employer must follow in this respect, I suggest you view IRS publication 505 and see the sections titled "Rules Your Employer Must Follow' and "Exemption From Withholding". ~
Change my w-4 witholding deductions?
When you do fail to have enough FIT federal income tax amount withheld out of your GROSS wages earning out of each pay period to cover your FIT liability during the next FIT tax filing season and then at that time you could end up Owing and amount of FIT liability that you would have to send in at that time during the tax filing season for that purpose along with your 1040V and the 1040 income tax return. Go to the www.irs.gov website and use the search box for the W-4 Employee's Withholding Allowance Certificate Very simple and easy fill in the W-4 correctly and completely and just claim Single and -0- ZERO Allowances sign the completed W-4 form make a copy for your records and give the other signed copy to your employer for the 2013 Tax year federal income tax withholding amounts out of your gross wages earnings amount if ANY amount is required for your FIT for this purpose. And then if they should withhold any amount of $$ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the next income tax filing season and you receive your W-2 form from your employer around the middle of January for the past tax year and if you have a $$ amount in the Box 2 for FIT you will get a credit for that $$ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing. www.irs.gov/pub/irs-pdf/fw4.pdf Hope that you find the above enclosed information useful. 08/06/2013
Is it too late to change my W-4 tax exemption?
Hi everyone, Here's what happened. I changed my last name last year and had to fill out a lot of tax paperwork at my office. Apparently, I forgot to check single or married on my Federal W-4 form and they returned it to me at the last minute of last year (2009). But I put it aside and forgot about it. When I look at my W-2's and the way my job filed things it says I have 1 exemption for state taxes, but NO (read: zero) exemptions for my federal. It's now mid-March (beware the ides!). I changed my status online, but it says it won't take effect until my next paycheck, which I guess means it's not retroactive. My question is twofold: 1) Is it too late to change the way this will appear when I file my taxes (I mean, heck, I was independent and single last year, too, so they shouldn't have taxed me as heavily to begin with)? 2) Will this affect me much when it comes to how much I get back? I need the money pretty desperately. I'm looking to change that single status this year.
I make $60,000 and put 2 exemptions on my W-4. What is my chance of getting a tax refund?
The withholding exemptions are designed to cover your expected filing status and expenses so that your tax withholding is as accurate as possible, without being under your expected liability. If you read the form and answered the questions properly before claiming the 2 exemptions, then you will probably get a refund. Claiming two means there are two people on your tax return (you and an unemployed spouse or other dependent) or that you have deductible expenses that are worth as much as having an additional person.Since you are single with no dependents, there are three factors that will determine your tax liability (or refund) in April.Whether you have capital losses, student loan interest, mortgage interest, moving expenses, contributions, taxes, or other deductions that will reduce your taxable income.Whether you have one job or multiple jobs (sources of income).Whether you used the IRS Withholding Calculator to determine your claimed exemptions…. which if you haven’t done, I would suggest you do right away.When you file your tax return in April, learn from the process. Decide whether you want to owe a little to the IRS and create your own savings plan, or whether you want to give the government an interest free loan for the year so that you can get a refund. You can change your W-4 at any time by providing a new form to your HR office. Whether you increase your exemptions, decrease your exemptions, or leave them at 2 will be entirely up to you, so consider the matter carefully.
Max 401K or increase withholdings?
Contributing more to a 401k (other than a Roth 401k) would reduce your taxable income, but also automatically reduces your withholding to compensate for the 401k contribution. So unless you are on the borderline of a higher tax bracket, that may not help with your insufficient withholding. So if the reason for owing taxes is some other investment income or because both of your incomes are significant, you may need to increase your withholding by a dollar amount per paycheck to reduce the amount you owe at tax filing time to less than $1000 (to avoid under withholding penalty).
My employer filled out my W-4 without my consent. What can I do?
The employer is required to submit a W-4 with or without your consent. Mistakes and life changes will frequently make the W-4 change. You only need to file a new one with your employer.Usually someone complains or requests a change because they want less taken out. If that’s you and you have too little taken out then the IRS can require the employer to take more with or without your consent.On the other hand if you have too much taken out the the IRS usually will send you a reminder letter that you may want to have your W-4 adjusted to better reflect what actually need withheld.Either way everything will get adjusted correctly when you file your taxes.If you are upset because the employer filed the W-4 and you didn’t want any taxes taken out then too bad for you.