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

How Does Changing Jobs Affect Your Tax Return?

Changing jobs can come with tax implications like job search and moving expense deductions. Learn more about these potential benefits at H&R Block.

What Types of Tax Preparers Are There?

Tax preparers can have various designation and specialties. Learn how different types of tax preparers at H&R Block can help you in person or virtually.

Student Loan Interest Deduction

Learn how to deduct student loan interest with H&R Block. Get information about qualified education expenses and see if a student loan tax deduction applies to you.

What’s the Difference? Enrolled Agent vs. CPA

What’s the difference between an enrolled agent (EA) vs. a certified public accountant (CPA)? Explore the roles of EAs and CPAs at H&R Block.