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form w-4 question to tax accountants


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i had a friend tell me how he is taking more money home by adjusting your withholdings  - this part was obvious to me

this man is single  - he changed his withholdings from single and claiming 0  to claiming  2 withholdings

but what he is doing next is giving $10.00 for each withholding to the fed.  on his w-4 form ?

 

i have not looked at a w-4 form in a while so i don't know if there is a stop to put this info in.

he said he get interest on the money he gave the fed, and  at the end of the year that offsets his taxes owed?

I have never heard of this?  is this just a waste of time to do - him being delusional or is he on to something ?

 

i could not find anything on this so i thought i would ask someone in the know?

 

i am usually not one the web that often maybe every couple of days

 

Thank you in advance

bob

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mmmm,  this sounds kind of what I did when I was single  and  made  a little money , but was still  kind of also broke ! and usually owed at end of year ,  owed  a hundred or so  ,   so I  just  adjusted the  amount  taken out  in the federal withholding ,  if the with holding  is  " say  around 75.oo  from your  gross pay ,  bump it  up too  100.oo  even  ...    and you get  money back at end of year  {  but ----   the fed  isn`t  too keen  on this idea , they seem too think you are using them as a bank   :lol:   not  the other way around , them using us as  a  bank    <_< 

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