Question:

Can I claim a 1 time tax exemption from a large bonus check I will be receiving?

by Guest62586  |  earlier

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Can I claim a 1 time tax exemption from a large bonus check I will be receiving?

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5 ANSWERS


  1. No.  Bonuses are fully taxable.  In addition, FITW is withheld at a statutory rate of 25% so even if you filed a bogus EXEMPT W-4, it would still be 25%.


  2. Heckling isn't needed, but no, you can't claim any such exemption.  Some people say the only thing that gets you out of paying taxes is death, and even they are wrong.  Nothing gets you out of owing taxes on income.

  3. No.

  4. Hah hah hah hah, you're joking right?  Like saying "Hey IRS, I just won the $100 million dollars in the lottery, and I want it to be tax exempt so that I owe nothing on that money"?  Does that sound like something the IRS would be happy to do?

    The most taxes I have ever paid in my life in a lump sum has been on large bonus checks.  The IRS does not offer "I dont want to pay taxes because I have a windfall" exemptions.

  5. In your dreams. Sorry.  But why would you think that would or could be tax exempt?

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