Submitted by IndexBot t3_zzbcyz in personalfinance
yjlevg t1_j2fjbyg wrote
Is it still possible to fill out your W9 such that you withold $0 for taxes and just pay the full bill come tax season? Or is that not allowed anymore
meamemg t1_j2fpehs wrote
I assume you mean w4, not w9.
That was never allowed. You are required to fill out your w4 accurately and will owe penalties if you under withhold too much.
dequeued t1_j2fkqdk wrote
You mean pay the full bill plus underpayment penalties?
Topic No. 306 Penalty for Underpayment of Estimated Tax
The current interest rate for underpayments is 6% (the underpayment penalty is based on the federal short-term rate plus 3 percentage points and it's updated quarterly).
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