Made a mistake and filed 7 allowances on w4. I only have 2 dependents. No federal taxes were taken out for half this year. Just changed this to 3. How wll this affect me?
I only make 25,000 a year. I am concerned I will end up owing, or not get a refund at all being that I just changed the allowances from 7 to 3 and we are now in august with only 3 months left of the year, assuming they will start taking aome dederal taxes out now once HR process this.
Will you be filing joint return or are you single or Head of Household?
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
What SweetieJean is saying is that, based on the information you have provided, you will not have to pay any federal income tax this year, so you don't need to have any tax withheld. Any tax that you do have withheld for the rest of the year will be refunded when you file your tax return, so that's how you will get a refund. This is assuming that you do not have any other income that you haven't told us about.
