The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Estimated Taxes||Date: 3/21/2000 9:22 AM|
|Author: conick||Number: 32322 of 122924|
>be grateful you didn't get socked with the $500 penalty for filing a false W-4.
Ack! I thought you could claim any number of exemptions you want. When I read the article yesterday I thought I was only in danger of paying an underwithholding penalty. The W-4 form even says:
" H: Add lines A through G and enter total here. NOTE: This may be different from the number of exemptions you claim on your tax return."
I took that to mean you could legally put anything down and the worksheet was just a guide.
Ive only done this since January 2000 so I think Im ok. With my school loan interest deduction I may still break even (I'll still have some money set aside).
Oh well, if I didn't try it I wouldn't have known it was illegal. (hows that for logic..maybe I can use the same logic if I rob a bank).
Thanks a lot for your help. You probably saved me some money down the road.
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