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OT: Short term changes in tax withholding? Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Sun, 30 Jan 2011 13:00:05 Members do not see ads below this line. - Help Keep This Site Online - Signup |
I remember it was possible at one itme to make a short term, one or two pay periods, change in tax withholdings. People would do this for the pay periods immediately before a downpayment was necessary on a house purchase for example. It did not change the total tax required for the year, and was limited in duration, but was beneficial under certain circunstances and allowed in the IRS tax code.
Does this still exist? Do I use the regular W4 form or is there a special document for this?
I have a bonus coming in a month that will be rolled into my regular paycheck, and I would like to avoid paying taxes through the nose on this one check, then wait 12+ months to have the excess tax dollars returned to me following my 1040 filing for the 2011 tax year.
Thanks,
posted by 98.250.156...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
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