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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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If I claim 20 on my w4 and do not owe the IRS any

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If I claim 20 on my w4 and do not owe the IRS any money at the end of the year, is there any penalty to fear?
Hello and thank you for using Just Answer. If you will have no tax liability for 2008 you can be exempt from tax withholding. To qualify, your certifies on Form W-4 to your employer that you expects to have o federal income tax liability for the current year, and had no federal income tax liability in the preceding year.
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Customer: replied 9 years ago.
Reply to Marvin,EA's Post: it is not that I can claim exempt status...I have a ton of right offs that make it so I need very little federal tax taken from my paychecks...I have been adjusting my exemptions and currently claim 15 and still have too much taken from my biweekly check, that is why I asked if i can basically keep going up without fear of penalty
Customer: replied 9 years ago.
maybe I do not understand te exempt status...
Do you make any overtime wages, bonus?