Can I make estimated tax payments instead of withholding from my paycheck?
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 3 hours ago
Ben Miller
79.1k19218282
asked 3 hours ago
Hari GantiHari Ganti
24019
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 3 hours ago
Ben Miller
79.1k19218282
asked 3 hours ago
Hari GantiHari Ganti
24019
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 3 hours ago
Ben Miller
79.1k19218282
asked 3 hours ago
Hari GantiHari Ganti
24019
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 3 hours ago
Ben Miller
79.1k19218282
asked 3 hours ago
Hari GantiHari Ganti
24019
edited 3 hours ago
Ben Miller
79.1k19218282
asked 3 hours ago
Hari GantiHari Ganti
24019
edited 3 hours ago
Ben Miller
79.1k19218282
edited 3 hours ago
Ben Miller
79.1k19218282
edited 3 hours ago
Ben Miller
79.1k19218282
79.1k19218282
asked 3 hours ago
Hari GantiHari Ganti
24019
asked 3 hours ago
Hari GantiHari Ganti
24019
asked 3 hours ago
Hari GantiHari Ganti
24019
24019
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 2 hours ago
stanniusstannius
2,8031925
1
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
1 hour 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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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 2 hours ago
stanniusstannius
2,8031925
1
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
1 hour 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 2 hours ago
stanniusstannius
2,8031925
1
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
1 hour 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 2 hours ago
stanniusstannius
2,8031925
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 2 hours ago
stanniusstannius
2,8031925
answered 2 hours ago
stanniusstannius
2,8031925
answered 2 hours ago
stanniusstannius
2,8031925
answered 2 hours ago
stanniusstannius
2,8031925
2,8031925
1
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
1 hour ago
add a comment |
1
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
1 hour ago
1
1
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
1 hour 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
1 hour ago
add a comment |
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