Forget update W4

Forum|Forum|2 years ago
November 8, 2023
2 replies
7 views

When my child turned 17 this year, I didn't update my W-4. So, I will owe over $1500 in federal tax when I file my tax return next year. Can I update my W4 now and make an Extra withholding of $750 per month on 4c to make it up? ( because I only left 2 pay period) Is it a good idea to avoid underpayment? Thanks.

Not A Product Question

Bsch4477

Level 15

You can avoid a penalty if you owe less than $1,000 in tax.

Anonymous_

Level 15

Agree with @Bsch4477

You can also update your W-4 now since withholding is not based on calendar quarters (as are estimated tax payments).

Opus 17

Level 15

If you change your W-4 to have lots extra taken out, you need to remember to change it again January 1 so you don't have that excess withholding continue into 2024.

Instead, I suggest changing your W-4 to be whatever is appropriate for your new situation, then make a separate estimated tax payment of whatever you think you will owe, at www.irs.gov/payments. Be sure to select "2023 estimated payment" as the reason. The payment should be made before January 15.