What happens if you have the wrong number of dependents on your taxes?

If you claim the wrong number of dependents on your taxes, it can lead to either underpayment or overpayment of taxes. Claiming too many dependents may result in a larger refund initially, but could lead to penalties and interest if the IRS determines you owe more tax. Conversely, claiming too few dependents could mean you owe more tax than necessary, resulting in a smaller refund or a tax bill. It's important to accurately report your dependents to avoid these issues.