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QUESTION DETAIL
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My son just realized his boss wasn't taking federal or state taxes out of his check for a year. What will happen and how does this impact his tax return? Any advice on steps he should take?
ANSWER
The BIDaWIZ Team's Answer:
When he files his tax return, if a liability is owed, he is exempt from any penalty, by
virtue of the fact that taxes were inadvertently not withheld. He needs to amend his Form W-4
to confim that the applicable taxes are withheld, for the current tax year.
