The low-energy j_{eff}=1/2 band of Sr_{2}IrO_{4} bears stark resemblances with the x^{2}-y^{2} band of La_{2}CuO_{4}, and yet no superconductivity has been found so far by doping Sr_{2}IrO_{4}. Behind such a behavior could be inherent failures of the j_{eff}=1/2 picture, in particular when electrons or holes are introduced in the IrO_{2} planes. In view of this, here we reanalyze the j_{eff}=1/2 scenario. By using the local-density approximation plus dynamical mean-field theory approach, we show that the form of the effective j_{eff}=1/2 state is surprisingly stable upon doping. This supports the j_{eff}=1/2 picture. We show that, nevertheless, Sr_{2}IrO_{4} remains in essence a multiorbital system: The hybridization with the j_{eff}=3/2 orbitals sizably reduces the Mott gap by enhancing orbital degeneracy, and part of the holes go into the j_{eff}=3/2 channels. These effects cannot be reproduced by a simple effective screened Coulomb repulsion. In the optical conductivity spectra, multiorbital processes involving the j_{eff}=3/2 states contribute both to the Drude peak and to relatively low-energy features.