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Can a single person claim more than 0 Federal Exemptions

My situation: Single tax payer...
My situation: Single tax payer. No dependants. Average about $1500 federal refund a year. Federal Exemptions is 0. Can I raise that on my W4 so I get close to no refund? I'd rather keep the money instead of the IRS. Can a single person claim 2 or 3??? Or is this just a bad idea in general?
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Answered in 11 minutes by:
2/14/2007
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
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It is a good idea to have your withholding not be much larger than the income tax due for the year. Although some people like to use tax withholding as a sort of a savings account and get a large refund when they file; there is no interest paid on tax withholding and the money is not available until you file your tax return (no matter how badly you need it.)

So long as you do not owe more than $1,000 when you file your tax return there is no penalty for underpayment.

A single person can indeed use 2 or 3 or 1 allowance on their Form W-4.

Hope this fully answers the question.

jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
Verified
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Customer reply replied 10 years ago
John - Thanks for your answer! This does indeed completely answer my question.
Thank you for the opportunity to be of service.
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jgordosea
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