I receive pay stubs from my employer semi-monthly. Taxes are paid automatically based on W-4 form. I pay taxes jointly with my non-working wife, so I set 3 as number of allowances on W-4 form.
In March my son was born, so I updated W-4 form by setting 4 as number of allowances.
As I know from tax filling perspective it doesn't matter at which month the baby was born. That means I paid more taxes than needed during January and first half of March.
If I do nothing I will likely receive refund after I fill tax refund early next year. Instead I want to get that extra money back as soon as possible for investment purposes.
To solve this issue I came up with idea to temporarily (for next one and half months) increase number of allowances on W-4 form to 5. As result I will pay less taxes than I obligated to pay and it will cover extra taxes I paid previous one and a half months.
Question: Is above idea legal / appropriate? If not, do you know any other ways to get back overpaid taxes without waiting tax refund filing season early next year?