If I choose to withhold extra taxes out of my employment paycheck. Is that considered estimated tax payments?

Forum|Forum|2 years ago
January 9, 2024
2 replies
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I only choose 50 a check for about half the year. I estimate maybe 400-600 extra. Is it even worth the trouble of adding it

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Best answer by xmasbaby0

@brncgreen Exactly. You will just enter your W-2. The "extra" tax that was withheld will already be in box 2 for federal, and maybe in box 17 for your state if you had extra state tax withheld. Nothing special for you to enter.

Opus 17

Employee

No, it's not an estimated payment. Anything extra you had withheld using form W-4 will be recorded on your W-2 in box 2.

It's important that "extra" on a W-4 only means more than the default W-4 calculation. All your withholding is recorded on your W-2 and you never enter the "extra" separately. Estimated payments are separate payments you made directly to the IRS on their web site or by mailing a check.

brncgreenAuthor

If I'm understanding correctly. I won't need to enter it because it is automatically added to my income tax paid per check?

xmasbaby0Answer

Employee

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

xmasbaby0

Employee

No----having extra money withheld from your paychecks is not the same as making estimated payments. If you have "extra" tax withheld by your employer, that just ends up in boxes 2 and (maybe) box 17 of your W-2. It gets entered on your tax return when you enter the boxes of your W-2. You do not have to do anything "special" for this --- just enter your W-2 as it appears.

brncgreenAuthor

I usually file my taxes using my last paystub of the year just to avoid the extra 2 week wait for them to issue a w-2. I wanted to verify if I did it off the paystub I wouldn't be missing that amount. If it's already totalled on my paystubs into the federal tax then it will still work. If not I'll have to wait

xmasbaby0

Employee

Stop. Do NOT try to file using a paystub. Paystubs and W-2's do not match. And.....there is no rush to file. The IRS will not begin to accept/reject e-files until January 29.

Do not file a tax return without ALL of your income documents; you must include every 2023 W-2 on the same tax return. Employers have until the end of January to issue W-2’s. Wait until you have all of your W-2’s. Clients, schools, Social Security, healthcare.gov, banks, mortgage lenders, and other financial institutions may not have tax documents available until late January/early February. ALL of your tax documents must be entered on the same Form 1040; do not file unless you have entered everything.