How many times can you claim exempt on your check?

Question

this means you will problably owe at the end of the year is this correct?

Answer 1

You can only claim exempt from withholding if you meet BOTH of the following tests:

1. You had $0 tax liability last year. That means that the Total Tax line on your tax return was $0.

2. You reasonably expect to owe $0 in tax this year.

If you wind up owing you will be facing penalties and interest for underpayment of tax in addition to the tax.

If it appears that you knew (or reasonably should have known) that you would not be eligible to claim exempt status you will also be looking at a $500 administrative penalty for filing a fraudulent W-4. If that happens, the IRS may also direct your employer to withhold at a specified rate -- usually Single and 0 -- regardless of what you would otherwise be qualified to file. IMHO, it's not worth the risk.

Answer 2

According to the W-4, the answer is
"Last year I had a right to a refund of all federal income tax withheld because I had no tax liability and This year I expect a refund of all federal income tax withheld because I expect to have no tax liability."

If this is the case, then you are exempt. It does not mean that after withholding, you don't owe.

Answer 3

claim once for yourself once more for a child if you have one
you will get money taken from your check. And at end of Jan. you receive a W2 you fill out a 1040 and you should get money back from IRS in 4-6 weeks

Answer 4

You can claim enough allowances to make you balance come out about even at the end of the year.