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Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
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Experience:  I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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Claiming More Exemptions then entitled to

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Is it legal to claim 7 to 8 exemptions even though you only have 1 to avoid any withholding being taken out of your pay check, along with any time limits if you can?

 This is not legal and will result in a penalty if you owe more than 1500 on your tax return.  It can also be subject to a penalty for misstatement of your exemption allowance.


Your employer is not required to honor(and is penalized if they knowingly do honor) a w-4 which they know to be false.


You can adjust your w-4 during the tax year if you choose as long as your withheld tax at the end of the tax year is within the guidelines listed above.  Example:  have extra withheld during certain months and then have less withheld for certain months

Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1257
Experience: I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
Sandi Hargrove, SkyHawks and other Tax Specialists are ready to help you
Customer: replied 11 years ago.
Reply to Sandi Hargrove, SkyHawks's Post: Great response and fast. Answered my question very well.

    Jim
 Thank you.  Please let me know if I can help you further.

Actually, the only requirements the employer has is to provide new employees with a Form W-4.  They are not required to verify the accuracy of the W-4.  If an employee fails to return it the employer is required to withhold at the highest rates.  Also, if your W-4 shows more then 10 exemptions or if you claim exemption from withholding and your expected to earn more then $200/week, the employer must remit the W-4 to the IRS.  The IRS may specify the max number of allowances an employee can claim.


Penalties apply to the individual filling out the form.  If you claim withholding allowances that actually reduce your taxes withheld and you had no basis to claim the allowances, then you may be subject to a fine of up to $500. 


There is also a criminal penalty for willfully supplying false or fraudulent information on your Form W-4 or for willfully failing to supply information that would increase the amount withheld. The penalty upon conviction can be either a fine of up to $1,000 or imprisonment for up to one year, or both.  These penalties will apply if you deliberately and knowingly falsify your Form W-4 in an attempt to reduce or eliminate the proper withholding of taxes. A simple error, an honest mistake, will not result in one of these penalties.  This info is from IRS Publication 505 (www.irs.gov).

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