<<After doing 99 taxes my husband and I need to pay an additional $96.00 per pay (q 2 weeks) in order to break even with the irs.>> Do you REALLY want to break even? Do you know that you can owe Uncle Sammy up to $1,000 come April 15th and not pay any penalty? Give that some thought!!!Do you know you can owe Uncle Sammy $100,000 come April 15th and not pay any penalty? of $1,000,000? If you are underpaying using the correct exemptions, no problem. Just don't LIE on a W-4 to reduce withholding to less than you know you'll owe. However, you can legally reduce withholding to equal last year's tax even if you know this year will be higher by any amount, and regardless of number of exemptions. Ed Don't use a tax deferred annuity for this as you have to take it out next year to pay the tax deficiency. Invest it or put in in the bank.
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