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I want to adust my federal withholding for the entire year

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retroactively. I have not...
I want to adust my federal withholding for the entire year retroactively. I have not filed any returns yet. Can I adjust, with a negative withholding amount in the 4th quarter, or do I have to void and recalculate all pay checks to date. I do the payroll, so the steps are doable, I just need to know if I can legally do this?
Submitted: 8 years ago.Category: Tax
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12/1/2008
Tax Professional: Lev, Tax Advisor replied 8 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
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As an employer - you generally need to do withholding according to W-4 form provided by the employee.

Employees may change W-4 any time and it will be in effect from that point forward - but changes may not be made retroactively. Do not adjust withholding retroactively!

 

Employees may claim a refund on their tax returns.

 

Withholding errors made by an employer are to be corrected.

If you filed form 941 - http://www.irs.gov/pub/irs-pdf/f941.pdf - and discover an error on a

previously filed Form 941, make the correction using Form 941 for the quarter in which you discovered the error and attach Form 941c, Supporting Statement to Correct Information - http://www.irs.gov/pub/irs-pdf/f941c.pdf

 

Lev
Lev, Tax Advisor
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