this post was submitted on 27 Nov 2023
396 points (98.1% liked)
InsanePeopleFacebook
2748 readers
458 users here now
Screenshots of people being insane on Facebook. Please censor names/pics of end users in screenshots. Please follow the rules of lemmy.world
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
You write exempt in one of the boxes. They've hidden the part where it tells you which one. You can look it up, but its not stated clearly on the form anymore.
But you still have to pay taxes if you owe them, and you have to pay a penalty if they didn't withhold enough. But if you're poor enough you don't owe federal income taxes you can avoid giving the IRS an interest free loan if you file your form properly.
The US learned what happens if taxes are actually voluntary during the days of the articles of confederation. Results were predictable.
https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty
I was looking into this a few years ago and also wondered what if I tried to just pay my taxes at the end of the year. I get why it exists but you gotta love the double standard... wish I could could get interest and penalty pay on any money they owe me over 1k.
Same especially now with high yield accounts at 5%