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Jessie75
New Member

Can I temporarily decrease the amount of taxes being withheld on a paycheck this year?

Last year I was able to get more of my annual bonus by claiming 9 exemptions, but uncertain if we can do it on the new 2021 W4 forms and if so - how to get the max amount of money back?
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1 Reply
dmertz
Level 15

Can I temporarily decrease the amount of taxes being withheld on a paycheck this year?

You could, potentially, by giving your employer a Form W-4 with an amount on line 4(b), but by doing so you are effectively claiming that you will have enough deductions (both above-the-line and itemized) to reduce your tax liability by the amount calculated on  the Step 4(b) - Deductions Worksheet.  It's probably too late to get your employer to make the change for this year, anyway.

 

Ultimately you'll end up with the same amount in your pocket after to factor in your tax refund.

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