In a message dated 11/24/2003 4:17:38 AM Pacific Standard Time,
vpFREE@yahoogroups.com writes:
Date: Sun, 23 Nov 2003 21:12:22 -0600
From: Bill Velek <billvelek@alltel.net>
Subject: Re: Re: Withholdingsnip comments regarding last minute withholdings to make up for
insufficient withholding/estimated taxes throughout the year.>you can change your
>withholding on your wages so that all except the portion needed for
>your normal
>deductions can go to Fed &state in the last month.Excellent. That could have helped me in the past. I'll keep this in
mind in case I ever need it in the future.
There are situations outside of VP where this option is useful especially for
people with highly variable income. Just don't make a habit of it. Someone
with too much time on their hands might run a query for those who consistently
use this in the last quarter of every year.
Since wage income is predictable vs W-2G income, you can do some planning.
For most people, the best option is to bump up the estimated tax payment for the
quarter in which LARGE jackpots are earned. This is just because most people
don't have the discipline to bank it & keep it till tax time. The lost petty
interest is more than balanced out by being able to sleep at night.
[Non-text portions of this message have been removed]
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TedChee@aol.com wrote: