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Author: tmeri Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Help with belated 2004 withholding planning Date: 4/13/2004 2:24 PM
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My federal allowances were set at 2 until now. I've just increased them to 5 but if I'm doing my math correctly I will still end up getting a significant refund come 2005.

I believe you can go up to 10 allowances without forcing the company to notify the IRS. You can actually submit any number you like, but if you go more than 10, then the company will have to notify the IRS, who may investigate. If you have sufficient reason to justify the number, then you shouldn't have any trouble.

Personally, I wouldn't look forward to an investigation by the IRS of anything, just because of the time it would take. So I'd probably set it at 10.

- tmeri
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