Q: Due to some financial difficulties, I increased my W-4 allowances to 7 (from 2) to have some extra money to get by.
I had read this was okay, but now am seeing otherwise and am afraid I may go to jail. I know I will have a tax bill to pay in April. I make around 75k a year, but only take home around $3400 (normally, $3800 after allowance change) and have a significant amount of debt (not that it matters to the IRS). My plan is to do my taxes in January to see how much I will owe, but not file until April. I will get a part time job in addition to my regular one to save the money to pay it. Should I be concerned about jail time? I know there will likely be interest and fees on my tax bill. Thanks for your help.
A: The IRS isn't going to put you in jail for messing with your withholdings. You should get your taxes done early and see how much you'll owe so you can be prepared. File or extend on time and if you can't pay setup an installment agreement.
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