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2rcracers

Junior Member
MO

I filed a new w4 with my employer in january of 05, and it did not get submitted to the accountant and now i owe lots of tax. What can i do? Is there anything that i can do?

thanks
 


efflandt

Senior Member
You might be safe if you make an estimated federal tax payment (1040-ES) by Jan 17 to bring remaining tax owed to less than $1000. Since by the time you read this that might be today, you may need to do electronic payment. See http://www.irs.gov/publications/p505/index.html or search IRS for "estimated tax payment".

If you owe the feds more than $1000 any later than that, there might be a penalty. Underwithholding limit for state income tax can vary by state.

Didn't you notice that your paycheck or taxes did not change? I changed my W-4 to cover IRA to Roth IRA conversion, but first ran a spreadsheet to see how many exemptions I needed to reduce (mid-year) to not owe too much. I updated the spreadsheet when the W-4 change actually took effect.
 

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