Federal Witholdings

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  #1  
Old 02-05-06, 03:20 PM
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Join Date: Mar 2004
Posts: 337
Post Federal Witholdings

Hi,

I have been married for a year and on my W2 that I just received it says S3 (Single-3 deductions) in actuality it should have been M3 (Married-3 deductions). Did I cheat myself this past year?? Or will I just get a bigger refund than if I had claimed M3 for the year??

Thanks,

sweetboy
 
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  #2  
Old 02-12-06, 05:17 AM
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Join Date: Feb 2006
Location: USA
Posts: 929
You only cheated yourself out of cashflow, and used the IRS as a zero percent interest savings account. You will simply receive a larger refund, or owe less, than if you had done it 'correctly.'

Contact your employer and fill out a new W-4. The amount of deductions on your W-4 can be changed depending on the amount of your refund this year.

A tax consultant can help you refine your deductions to meet your desires.
 
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