Question

If I accidentally claimed the wrong allowance amount on my W-4. What will happen?

Answer

If you accidentally claimed the wrong allowance amount, you won’t owe a penalty. However, you’ll have a reduced or increased tax withholding on your paycheck.

This reduced / increased amount will lower / raise the amount of taxes you paid. It might cause you to owe taxes or have a larger refund when you file.

Related Topics

Related Resources

Including Sales Tax For Deduction

Can you include the sales tax in the price of an item your claiming for a deduction? Learn more from the tax experts at H&R Block.

Qualifications For An Additional Child Tax Credit

What are the qualifications for the additional Earned Income Credit (EIC) and additional child tax credit? Learn more from the tax experts at H&R Block.

The Qualifying Child Test

What is the qualifying child test, and how can it help with your taxes? Learn more about qualifying dependents. Get tax answers at H&R Block today.

Did You Know: Wacky Tax Deductions

Learn about some of the weirdest, funniest tax deductions ever allowed by the IRS with H&R Block. You never know what wacky tax deduction could apply to you.