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Can I make estimated tax payments instead of withholding from my paycheck?
Pay estimated tax using W-4 withholding instead of quarterly paymentsCan I pay estimated taxes based on last year's taxes if I anticipate more income this year?Where on 1040 do I indicate withholding adjustments in a community property state (form 8958)?Estimated tax payments in VAPay estimated tax using W-4 withholding instead of quarterly paymentsCan increasing my tax withholding from my full-time job cover FICA taxes for my freelance work?Can a regular salaried (w2) employee opt to pay quarterly taxes?Is there a penalty to withholding more taxes at the end of the year?Why is tax withholding based on the current paycheck only and not cumulative?S-Corp - How to Split Up Quarterly Estimated Tax PaymentsHow to avoid paying estimated taxes due to unpredictable investment income?
My employment provides me with a W-2 at the end of the year, and I currently have taxes withheld from my paychecks. In the opposite of this question, Pay estimated tax using W-4 withholding instead of quarterly payments, I'd like to know if I can elect to have zero withholdings from my paycheck and instead make estimated payments with a 1040-ES.
In this case, I have a generally good idea of my exact tax liability, so I can easily make quarterly payments without trying to predict fluctuating income. I'd just like to make sure it's legal to make quarterly estimated payments if you have income that would ordinarily pay taxes through withholdings.
united-states taxes income-tax withholding estimated-taxes
edited 1 hour ago
Ben Miller
79.1k19218282
asked 1 hour ago
Hari GantiHari Ganti
23519
add a comment |
My employment provides me with a W-2 at the end of the year, and I currently have taxes withheld from my paychecks. In the opposite of this question, Pay estimated tax using W-4 withholding instead of quarterly payments, I'd like to know if I can elect to have zero withholdings from my paycheck and instead make estimated payments with a 1040-ES.
In this case, I have a generally good idea of my exact tax liability, so I can easily make quarterly payments without trying to predict fluctuating income. I'd just like to make sure it's legal to make quarterly estimated payments if you have income that would ordinarily pay taxes through withholdings.
united-states taxes income-tax withholding estimated-taxes
edited 1 hour ago
Ben Miller
79.1k19218282
asked 1 hour ago
Hari GantiHari Ganti
23519
add a comment |
My employment provides me with a W-2 at the end of the year, and I currently have taxes withheld from my paychecks. In the opposite of this question, Pay estimated tax using W-4 withholding instead of quarterly payments, I'd like to know if I can elect to have zero withholdings from my paycheck and instead make estimated payments with a 1040-ES.
In this case, I have a generally good idea of my exact tax liability, so I can easily make quarterly payments without trying to predict fluctuating income. I'd just like to make sure it's legal to make quarterly estimated payments if you have income that would ordinarily pay taxes through withholdings.
united-states taxes income-tax withholding estimated-taxes
edited 1 hour ago
Ben Miller
79.1k19218282
asked 1 hour ago
Hari GantiHari Ganti
23519
My employment provides me with a W-2 at the end of the year, and I currently have taxes withheld from my paychecks. In the opposite of this question, Pay estimated tax using W-4 withholding instead of quarterly payments, I'd like to know if I can elect to have zero withholdings from my paycheck and instead make estimated payments with a 1040-ES.
In this case, I have a generally good idea of my exact tax liability, so I can easily make quarterly payments without trying to predict fluctuating income. I'd just like to make sure it's legal to make quarterly estimated payments if you have income that would ordinarily pay taxes through withholdings.
united-states taxes income-tax withholding estimated-taxes
united-states taxes income-tax withholding estimated-taxes
edited 1 hour ago
Ben Miller
79.1k19218282
asked 1 hour ago
Hari GantiHari Ganti
23519
edited 1 hour ago
Ben Miller
79.1k19218282
asked 1 hour ago
Hari GantiHari Ganti
23519
edited 1 hour ago
Ben Miller
79.1k19218282
edited 1 hour ago
Ben Miller
79.1k19218282
edited 1 hour ago
Ben Miller
79.1k19218282
79.1k19218282
asked 1 hour ago
Hari GantiHari Ganti
23519
asked 1 hour ago
Hari GantiHari Ganti
23519
asked 1 hour ago
Hari GantiHari Ganti
23519
23519
add a comment |
add a comment |
1 Answer
1
active
oldest
votes
You can't do that.
You can't directly control the amount that is withheld from your paycheck. You can only indirectly change it, by using form W-4. When filling out form W-4, you aren't supposed to write an excessive number of allowances. The allowances have to be justified by your tax situation.
Specifically, IRS pub 505 states "You can claim only the number of allowances to which you are entitled." and "You may have to pay a penalty of $500 if [...] You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4."
answered 50 mins ago
stanniusstannius
2,7931925
I should have just looked at the W-4, because, interestingly enough, I can't just enter a withholding amount (like I can with my DE-4)
– Hari Ganti
11 mins ago
add a comment |
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1 Answer
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1 Answer
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active
oldest
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active
oldest
votes
active
oldest
votes
You can't do that.
You can't directly control the amount that is withheld from your paycheck. You can only indirectly change it, by using form W-4. When filling out form W-4, you aren't supposed to write an excessive number of allowances. The allowances have to be justified by your tax situation.
Specifically, IRS pub 505 states "You can claim only the number of allowances to which you are entitled." and "You may have to pay a penalty of $500 if [...] You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4."
answered 50 mins ago
stanniusstannius
2,7931925
I should have just looked at the W-4, because, interestingly enough, I can't just enter a withholding amount (like I can with my DE-4)
– Hari Ganti
11 mins ago
add a comment |
You can't do that.
You can't directly control the amount that is withheld from your paycheck. You can only indirectly change it, by using form W-4. When filling out form W-4, you aren't supposed to write an excessive number of allowances. The allowances have to be justified by your tax situation.
Specifically, IRS pub 505 states "You can claim only the number of allowances to which you are entitled." and "You may have to pay a penalty of $500 if [...] You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4."
answered 50 mins ago
stanniusstannius
2,7931925
I should have just looked at the W-4, because, interestingly enough, I can't just enter a withholding amount (like I can with my DE-4)
– Hari Ganti
11 mins ago
add a comment |
You can't do that.
You can't directly control the amount that is withheld from your paycheck. You can only indirectly change it, by using form W-4. When filling out form W-4, you aren't supposed to write an excessive number of allowances. The allowances have to be justified by your tax situation.
Specifically, IRS pub 505 states "You can claim only the number of allowances to which you are entitled." and "You may have to pay a penalty of $500 if [...] You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4."
answered 50 mins ago
stanniusstannius
2,7931925
You can't do that.
You can't directly control the amount that is withheld from your paycheck. You can only indirectly change it, by using form W-4. When filling out form W-4, you aren't supposed to write an excessive number of allowances. The allowances have to be justified by your tax situation.
Specifically, IRS pub 505 states "You can claim only the number of allowances to which you are entitled." and "You may have to pay a penalty of $500 if [...] You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4."
answered 50 mins ago
stanniusstannius
2,7931925
answered 50 mins ago
stanniusstannius
2,7931925
answered 50 mins ago
stanniusstannius
2,7931925
answered 50 mins ago
stanniusstannius
2,7931925
2,7931925
I should have just looked at the W-4, because, interestingly enough, I can't just enter a withholding amount (like I can with my DE-4)
– Hari Ganti
11 mins ago
add a comment |
I should have just looked at the W-4, because, interestingly enough, I can't just enter a withholding amount (like I can with my DE-4)
– Hari Ganti
11 mins ago
I should have just looked at the W-4, because, interestingly enough, I can't just enter a withholding amount (like I can with my DE-4)
– Hari Ganti
11 mins ago
I should have just looked at the W-4, because, interestingly enough, I can't just enter a withholding amount (like I can with my DE-4)
– Hari Ganti
11 mins ago
add a comment |
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