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From: ark@alice.UucP (Andrew Koenig)
Newsgroups: net.taxes
Subject: Re: Working for a part of a year
Message-ID: <5748@alice.uUCp>
Date: Sat, 5-Jul-86 00:54:03 EDT
Article-I.D.: alice.5748
Posted: Sat Jul  5 00:54:03 1986
Date-Received: Sat, 5-Jul-86 08:58:45 EDT
References: <2192@psuvax1.UUCP>
Organization: Bell Labs, Murray Hill
Lines: 14

> A question: someone is working for 3 months (a summer job).
> He fills W-4 to have his taxes withheld.  Then the taxes 
> are computed as if he would work whole year, i.e. way above
> his correct bracket.  Can one put an arbitrary number in
> the box
>
>   'allowances for credit(s) and/or deductions'
> 
> as long as at least 80% of the correct tax is paid?

I think so.  That's a standard technique used by homeowners
to get their interest deduction now rather than later and
is perfectly legal provided that 80% of the tax is paid
(or one of several other conditions applies).