Can I change exemption withholdings on my payroll for one months overtime check?

[LadyInTheRed]

Ok just spoke with my attorney. He said I need to be "zero'd out". I don't want to owe or have a return. So I'm good! I still need to get with the person who is doing my taxs to further figure out what to do to not have to pay taxs.

The IRS has an online calculator for that purpose: http://www.irs.gov/individuals/artic...=96196,00.html

It won't help for state withholding. I just found a download at the CA SBOE, but it doesn't seem as user friendly: http://www.sco.ca.gov/ppsd_se_paycheck_calc.html

[chp13]

10 is what you can do w/out POSSIBLY having to provide proof. Then it's up to the employer to ask for it - if they care/bother.

:-) 26 exemptions for most people will zero out your taxes completely - for many, 10 will also do :-)

The times I did change my exemptions I just went exempt, no tax withholdings. I was never questioned about it nor did I have a problem.

[IamOld]

The times I did change my exemptions I just went exempt, no tax withholdings. I was never questioned about it nor did I have a problem.

Right - most employers really don't care :-)

[LadyInTheRed]

The times I did change my exemptions I just went exempt, no tax withholdings. I was never questioned about it nor did I have a problem.

You won't likely have a problem if you don't owe tax at the end of the year or only owe a little. A change for one pay check is unlikely to cause problems. But, if there is significant underwithholding, a taxpayer who claimed more exemptions than they are entitled to or claimed exempt when they weren't really exempt is likely to be penalized by the IRS.

Right - most employers really don't care :-)

The employers don't care because it is not up to them to decide what exemptions an employee is entitled to. They are required to withhold according to the W-4 submitted to the employee. In fact, they are no longer required to send a W-4 to the IRS if an employee claims more than 10 exemptions. They only send a W-4 to the IRS if they are requested to do so by the IRS.

Anybody who submits a W-4 claiming more exemptions than they are entitled to should do so with the knowledge that they are commiting perjury when they sign the form.

This is a separate from the question of whether you can change withholding while you are in a Chap 13.

[IamOld]

LadyintheRed is correct!!! However, "perjury" in this instance is belief..if you "believe" you're entitled to it...

[momofthree]

My dh is a CA state employee and it's very common for those in his dept to go "exempt" for one or two large overtime pay periods. Standard OT withholding is 40% for them for some reason, which would trigger a large tax refund, so to avoid that, and get the money in the actual paycheck, the employees will claim "exempt" on those pay periods and then switch it right back to the correct withholding. You should be fine, Chp13. In fact, it's probably advised if you're in the same situation so that you avoid the refund next year. ;)

[ABC]

You can change your withholding at any time and as many times as you like as long as you don't claim more than 10 exemptions.

This is just to answer the "payroll" question.

I claim 99 , not an issue

[Mayo]

People in the construction field that is goingt to only work on a job for a few weeks for months often claim married 9 so that they don't get much taxes taken out. These people often have multiple w2's for a given year.

[kornellred]

I learn something new every day on this forum. Among the things I have learned is that mistakes are corrected with a vengeance. I had no idea that you could play games with the W-4 form at your leisure.

I am glad that I have only 12 more months to go in my Chapter 13, and that my trustee's requirements are minimal. Seems as though a lot of people in Chapter 13 are very fearful.

[nsupanda]

I learn something new every day on this forum. Among the things I have learned is that mistakes are corrected with a vengeance. I had no idea that you could play games with the W-4 form at your leisure.

I am glad that I have only 12 more months to go in my Chapter 13, and that my trustee's requirements are minimal. Seems as though a lot of people in Chapter 13 are very fearful.

When we get bonuses here at work, our payroll actually e-mails us and asks if we would like to fill out a new W-4 to change our withholdings for the check we'll be receiving.

[disconapper]

Yup, I used to "play" with my exemptions so my paychecks would be bigger....be careful....I was dumb with it all....got a nice big gigantic bill from the IRS...I'm still paying it back...guess I "played" to much, tough way to learn....