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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10131
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Mid year I changed my fed w/h to exempt I have a w2 that is

Customer Question

mid year I changed my fed w/h to exempt I have a w2 that is only reporting my income while fed w/h was being deducted therefore showing my income as 26,000 instead of 58,000 is this correct
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

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Hi- I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law,an MBA (specialization in finance& tax), and BBA from Mercer University’s Stetson School of Business and Economics, as well as CFP® and CRPS designations.

I can help here

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Can you tell me a little more about what you're asking?

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Box 1 of the W-2 should show what you were paid ... Box 2 is what we affect by changing withholding.

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Box 2 is essentially what was paid-in to IRS and will offset whatever your actual tax liability is when you do your tax return.

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Withholding more that that tax liability generates a refund ... and not withholding enough to cover it will cause you to have to pay more in with the return

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Make sense? ... Have I understood your question correctly?