I have already exceeded IRS "safe harbor" limits in my withholdings this year. I am thinking about stopping all W2 withholdings in order to maximize the amount I owe next april without a penalty (collecting interest on owed taxes all the while).
Is a bad idea? Is it even legal? For example, I'd love to just exempt from IRS withholding completely for the rest of the year. However, the W4 worksheet has some very strict criteria that I obviously don't meet:
Anyone here attempt something similar? What's the right way to do it?
Is a bad idea? Is it even legal? For example, I'd love to just exempt from IRS withholding completely for the rest of the year. However, the W4 worksheet has some very strict criteria that I obviously don't meet:
"You may claim exemption from withholding for 2024 if you meet both of the following conditions: you had no federal income tax liability in 2023 and you expect to have no federal income tax liability in 2024"
Anyone here attempt something similar? What's the right way to do it?
Statistics: Posted by sanguine224 — Thu Oct 03, 2024 7:51 pm — Replies 2 — Views 123