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    warthogg64's Avatar
    warthogg64 Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Jan 7, 2009, 09:54 PM
    Federal Tax With-Holding
    Is there any limit to the amount of money that you can have held from your paycheck for federal taxes? I receive a OPM Annuity and they don't hold taxes and I was thinking of increasing my with-holding in my job to cover the taxes on the annuity, it would be about $130 every 2 weeks, can I do this?
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
    		  
    #2

    Jan 7, 2009, 10:28 PM

    Yes very easy fill out a new W-4 Fed withholding form. There is a space to indicate if you would like additional money taken out of your pay each paycheck. You can simply ask they withhold the additional $130
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #3

    Jan 8, 2009, 05:31 AM

    The other solution would be to set up a special bank account for this such as an account with INGDirect (decent interest rate) and then have it automatically transfer the money from your checking on the day your annuity gets deposited.

    The money still gets set aside but you get to collect interest on it instead of letting the government collect the interest. It might only be a few bucks a month, but its YOUR few bucks.
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