Hi
When i started working for my current employer in 2005, I was new to this country and thought i was the head of the household and i marked myself off for that and also 2 others. So the total is 3 deductions on my W4. After reading about this, i realised i cannot claim myself as head of household.
Should i fill out a new W4??
Is this considered fraud and could i get into trouble for this?
2007-12-26 23:24:03 · 6 answers · asked by Aditya G 1 in Business & Finance ➔ Taxes ➔ United States
Fill out a new form and give it to your employer - you can do that any time.
You won't be in trouble. You might owe a little bit when you file your tax return, but that's the worst thing that would happen to you. It's not fraud. And if last year you didn't owe, you'll probably be OK this year too and not owe. If you are, then I wouldn't change the W-4. The W-4 allowances can be for a lot of things, and if you didn't owe last year and nothing has changed a lot except maybe a small salary increase, you might have stumbled onto a good number to claim.
2007-12-27 00:55:55 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
the number of allowances on a W4 are simply there to tell the employer how much tax to withhold from your paychecks.
You won't get in trouble.
Basically the more you claim (many single people claim 0 or 1) the less they withhold, so if you claimed 3, it is possible you will end up owing at tax time, but that would be the extent of any downside to what you did.
If you've had it that was since 2005 and you are happy with how much you owe or get back at tax time, I would probably leave it alone. If you end up owing a lot at tax time, redo it and claim 1 or 2 rather than 3. If you get some back, you may want to claim 4 (there's not a limit, although if you vastly underpay they could charge you a penalty).
2007-12-27 07:27:32 · answer #2 · answered by whiskeyman510 7 · 2⤊ 0⤋
You can fill out a new W-4 any time you want. I doubt that you will have a problem taking 3 deductions instead of one. It just means that you will have to pay more tax come April 15 because not enough has been taken out from your paycheck. There is a penalty for owing too much on April 15, but it is a high bar to reach and I doubt that you would have any problem. Usually people take less deductions on their W-4 so that they will get a refund from the IRS. It is a fairly poor savings plan though, since they don't pay interest.
2007-12-27 07:29:45 · answer #3 · answered by remowlms 7 · 1⤊ 0⤋
You can not claim "Head of Household" on a W4 form. There is no block for it. Maybe you claim this filing status on your 2005 taxes and yes if you are not eligible you need to amend that year plus correct your state taxes as well. You can always change a W4 form at any time. See your payroll clerk at work to complete one.
2007-12-27 08:15:21 · answer #4 · answered by Gary 5 · 1⤊ 0⤋
not necessarily. this form is used by employers to determine how much to take out of your paychecks on a weekly basis (even if your paid less often). there is no law governing this form. my aunt always claimed 11 dependents but ended up paying big at tax time. if you want to you can contact me and i will tell you how i tell people how to work this form to maximum benefit.
2007-12-27 07:36:21 · answer #5 · answered by SA Warlock 3 · 0⤊ 2⤋
yes. you should fill out a new w4
Or get turbo tax
2007-12-27 07:36:19 · answer #6 · answered by Anonymous · 0⤊ 1⤋