I put 1 for W4 Personal Allowance, but I think I qualify for 2. Should I fix it with another W4 or its going to be taken care of at the time of filing taxes?

Forum|Forum|7 years ago
May 31, 2019
2 replies
30 views

I am a single male and only have one job at the time. When I filled W4 for my new job I only put 1 for A and a lot of tax is being taken from my paycheck. I have received several paychecks with this W4.

However, because "I am single and have only one job;" I can put 1 in B as well. So it necessary to file another W4 or it can be taken care of when I'm filing my taxes?

Opus 17

Level 15

Your actual tax owed is always computed on the form 1040 (or 1040-A or 1040-EZ) in January. The W-4 is used to estimate your tax so it can be withheld correctly. Claiming more allowances results in less withholding and more take home pay, and claiming fewer allowances means more withholding and less take home pay. But it all gets squared up on your tax return. If you had too much withheld, you get a larger refund. If you did not have enough withheld, you owe.

Generally, if you go through the W-4 instructions carefully, most people should get a modest refund. By claiming one less allowance than you could have, you had more withheld, so you should expect a larger refund when you file in January or February.

beratAuthor

Level 2

Thank you for your response. So I don't need to go for the hassle of filing another W4 with my current employer? Hopefully TurboTax has features to take these into account?