No. of Recommendations: 0

I was recently advised by a CPA friend of mine that it is no longer illegal to adjust your number of dependents upward in order to reach a proper withholding level. You can, however, be subject to an underpayment penalty if you are too far under-withheld at the end of the year.

If you find you need to be somewhere between 1 and 2 dependents, you can list 2 dependents plus an additional dollar amount to be withheld per pay cycle.

Again, I am not a tax professional; I'm just passing on what I was told.

Good luck,
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.