Is it too late to reverse what I put on my w4?

It’s too late to do it for last year, but you can talk to your HR department at work and change it for this year. You may find a way to defer your payment and then maybe break even next year, but you would have to talk to someone at a “tax company” about how to do that.

Darn! Thanks so much. Oh yes, I have definitely already changed my w4 for next year :) You live and learn I guess.

The IRS says you are allow to change your W-2 as often as you want, some companies limit it.

Being single, claiming 1 exemption will put you close to a break even point.

A tax preparer couldn’t amend your return to negate the impact of taxes not paid but maybe they could find additional deductions that would help offset the taxes owed

My tax clients always pay close to zero.

The W4 controls how much money is withheld from your paycheck to pay taxes later. You are paying the same amount in taxes—it’s just that because you made a mistake on the W4, you have to pay the difference now rather than having a bit taken out of each paycheck.

I would change your w4 to a zero instead of a 1 or 2. Then you will be safe from owing the government anything.