My employer withheld an excess amount of federal tax over the past two pay periods. I'm going to assume it was my fault by fat fingering the electronic W4 form. And for the life of me I can't understand why it took me two checks to catch it. Even if I change my withholding to $0 for the rest of the year, I'll still end up with over $6000 over payment. Can I request a correction/refund for the accidental overage in withholding? I realize I would get the money back during returns next year, but this is a lot of money for me and I kind of need the money now! Any thoughts are appreciated.
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I don’t think there is anything in the tax code that would prevent you from asking, but there is also nothing in the tax code that would require your employer to honor the request. It would require some paperwork for the employer to reverse the situation, and they may not be willing to do it.
Thanks for the response. Unfortunately, my payroll department already said there was nothing they could do. I was hoping there was a form I could submit. I would contact the IRS but COVID-19 has them shutdown!
Your only option is to stop the fed withholding for the rest of the year and wait for the refund on the 2020 return.
That's what I did today. I'm still going to get a huge refund, which I hate! Thanks.
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