Mistake on the W-4 Tax Witholding form affected one pay period. Are there IRS reporting requirements and consequences?
I joined a new company recently and made a mistake while filling out Form W-4 electronically. I chose 'Married Filing Jointly' from the 'Marital Status' dropdown when I should have selected 'Single/Married Filing Separate'. This mistake affected the withholding for the first pay period. After realizing the mistake, I immediately corrected it. It should not affect future pay. However, I'm not sure if I need to take additional steps, especially with respect to the IRS, to deal with my mistake.
I reported this issue to my company's HR/Payroll services, but it was forwarded to offshore personnel and did not receive a definite answer. I was told to update a field for additional paycheck withholding (the field description is "Additional amount, if any, you want withheld from each paycheck"). I was not told what value to enter into this field however.
I would appreciate any advice. Thank you.
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You're over thinking.
One wrong paycheck withholding isn't going any problems. Redo your W-4 to what it should have been in the first place, and go on with your life. If you're only a wage earner, then your refund will be a little bit smaller than it would have been. The IRS absolutely does not care.
Even if you'd left your status Married Filing Jointly the whole year, the IRS would not care. Of course, you'd owe the IRS a lot, but the IRS would not care.
Now... if you'd left your status Married Filing Jointly for two years, the IRS would care, and you'd have to pay an underpayment penalty.
But, that's not the case here.
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