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QUESTION DETAIL
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Usually I claim less than I need to in order to get a larger tax refund at the end of the year. However I am getting a big bonus check soon and I want to change my exemptions for one week so that they take the least amount of taxes out of the bonus check. What is the most exemptions I can claim without getting flagged or in trouble by the IRS?
ANSWER
The BIDaWIZ Team's Answer:
In general, you may owe a penalty for if the total of your withholding did not equal at least the smaller of: 1) 90% of your 2012 tax, or 2) 100% of your 2011 tax.
