[removed]

Awesome thank you so much! This is what I was looking for! Hopefully I don’t owe the gov next year! So basically if the IRS calculator says I need to withhold $200 each pay check, I do $200 X 26 = $5200 for the yearly amount?

Depends , can you make investments that can pay off your monthly principle and the insurance on top of it ? If not pay it off until you can get to the point where the money you get from investments takes care of your payments though investments, otherwise just pay it off

You don’t input numbers on the w4. The irs calculator gives you a pre-filled w4 at the end.

I have to pay child support except the kids and their mother, my wife live with me full time. I just don’t get to call it child support.

This guy makes so much money, has capital gains which means he made money when he sold his house yet is broke. None of this makes any sense. A guy like this usually says he just bought a new truck because he can’t ride his motorcycle because it’s raining and his other car is only for the weekends.

Stop spending money. Pay off your debts. No magic solution.

As long as they don’t think you committed fraud, yea they will work with you. If they think you committed fraud, get an attorney

If you’re sure you’ll be employed for the duration of the 401K loan, then it’s a smart move. Otherwise you’ll be forced to pay back the loan in full if you lose your job.

[deleted]

The W-4 subtitle makes it seem like that line is just for people who have dependents (child tax credit), but the instructions say you can use it for other purposes, such as your idea of getting your withholding to be more accurate.

Except a hefty tax bill.

One of my cards is 6.99% Another is 9%. Both have 1.5% rewards and no annual fee.

No. Definitely do not take a loan out of your 401k.

The IRS is easy to work with on payment plans and they don’t want to cause trouble. It’s folks who misrepresent millions of dollars in taxes a year via business activities that they actively go after.

Ahhh that makes sense, I just used my HRs calculator and looks like my paychecks increased by $100

[deleted]

I understand that, just didn’t know where to input the number on the W4 form. For example if they said to get a $0 return, I need to change my numbers by $200

Step 3 is where you put a dollar amount for the amount less tax you want taken across a full year.

Maybe you should actually pay a professional to get your financial life in order? Seems you have the money and it would be in your best interest.

I found myself owing the IRS 18k last year. What I did was hop on a payment plan. They let you choose the amount you'll pay, so you can pick something manageable. Toss any bonuses and extra cash towards paying it off. You'll accrue interest on the outstanding balance, but it's a small amount to pay and is not capitalized.

You may also want to head over to r/whitecoatinvestor, which is a better forum for people with high incomes who are trying to work through financial questions.

I imagine it's probably looking at returns over a specific period (probably the past 12mo), not necessarily since you opened the account.

Time weighted return

https://intelligent.schwab.com/page/article/understanding-time-weighted-return

Ally has a no penalty withdrawal CD - https://www.ally.com/bank/no-penalty-cd/

I'm a personal fan of not having a car payment. Is it mathematically correct here? No. But humans are humans.

The second reason could be if op is looking to buy a house soon, one less debt obligation a month could help the mortgage availability.

What is the cost to spread the payments out?

Is there a discount for paying in full?

The irs calculator gives you a form to use