The consequences of not filling in the Irs Form W4 correctly can be bad. Use the Irs Form W-4 wisely will save you a lot of trouble. For example, if you don't withhold enough tax, you could owe a surprisingly large sum to the IRS in April, and also could owe plus interest and penalties for underpaying your taxes during the year. If you withhold too much tax, your monthly budget will be tighter than it needs to be. In addition, you’ll be giving the government an interest-free loan when you could be saving or investing that extra money and earning a return⁠. Surely, when you file your tax return and get a refund, you can get your overpaid taxes back, but it will not be completed until April of the following year. If you don’t submit form W-4 at all, the IRS will require your employer to withhold your wages. The Irs W-4 Form asks for providing your name, address, and Social Security number. Your employer sends the money it withholds from your paycheck and your name and Social Security number to the IRS. Your withholding counts toward paying the annual income tax bill you calculate when you file your tax return in April.

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