I was wondering if I could just deduct less federal tax and re-do my W-4. Right now I have "5" selected. So should I just add another 3 to get 8? I plugged that into Paycheckcity and it reduces my federal tax deduction (although not to the same value as the SS overage). But when I file my taxes in 2020 for the 2019 year and let's say I overpaid SS by $8000 and underpaid federal tax by $8000 then it is a wash and I don't see why that is an issue (although I'm sure you are right and there are penalties). I will make an appointment with an accountant, but it is good to get some information first. Thank you for posting!
