Can the IRS make me adjust my withholding amount on my paycheck?
- July 11, 2023
- David Greene
- Comments Off on Can the IRS make me adjust my withholding amount on my paycheck?
Yes, they can but sometimes you should voluntarily make that adjustment yourself. It is a common issue among our clients that they do not have enough taxes withheld from their paycheck. When you work as an employee, you fill out a W-4 form to declare your filing status (single, married, etc.) and how many additional dependents (children, parents, etc.) you are claiming. This is how your employer determines the appropriate amount of taxes to withhold from each paycheck. There are several circumstances that can result in insufficient taxes being withheld. Your employer must keep the W-4 form on file throughout your employment, so you can request to make changes to this form at any time. E.g., if you are married with multiple dependents, you can opt to have taxes withheld from your paycheck at the “single” rate. This will result in more taxes being withheld to cover any additional liability you may have. However, this solution is not as easy as changing your W-4 form. If you are considering makes changes to your withholding amount, you should contact a tax professional to look over the details of your current situation and make recommendations that would be suited to best help you.