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Author: ed1007 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122998  
Subject: Re: How to adjust withholdings Date: 2/6/2008 1:09 PM
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Sorry did not explain the reason for my concern over the making sure we have withheld enough.

My wife is on a 9 month contract at the university, all medical insurances etc are taken out of her checks pre tax. For these 9 months she is paid bimonthly AUG 15 thru May 15. In addition, she also gets paid over the summer. For these 6 checks no insurance payments are made and the taxable base is much higher, for these six checks. Finally, to make the mess a little worse, she might not get two of those summer checks this year if certain funding does not materialize.

None of these situations seems to be covered in the Turbo Tax questions. I suspect that the witholdings will be messed up a bit by the summer pay dance, and that we might again overwithold (although hopfull by not the several thousand dollars we did last year) or underwithold. I seem to remember that you could bypass the penalty for underwitholding if you had at least the amount of taxes you owed the prior year witheld, hince my question on doing a quick makeup check in Dec. if we do not at least make that threshold.
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