General Question

babiturtle36's avatar

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

Asked by babiturtle36 (2354points) February 1st, 2009

Im a moron and filled out my w4 incorrectly. I claimed too many exemptions. I put “2” instead of “1”. Im single, no kids, its just me.
NOW, I did my taxes myself and have to PAY. Ive never had to pay before. I thought maybe there was an error on my w2 so I went back to my employer and we did some research and it came back to that I filled out the w4 wrong. DARNIT!!
If I was to go to an actual “tax company” and have my taxes done by them, would they be able to correct my mistake for last years taxes, or am I basicly screwed and have to pay $500.
I hope this made sense.

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7 Answers

fireside's avatar

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.

babiturtle36's avatar

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

DrBill's avatar

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.

baseballnut's avatar

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

DrBill's avatar

My tax clients always pay close to zero.

cwilbur's avatar

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.

ahankes's avatar

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

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