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Tax.appeal.168, Tax Accountant
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I just reduced my number if W-4 exemptions from 1 to 4. Im

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I just reduced my number if W-4 exemptions from 1 to 4. I'm still way ahead of my liabilities. How can I reduce federal withholding to zero for the rest if the year? If nothing else is withheld right now, I'll be due a refund of almost $5000.
Welcome. THANK YOU for choosing Just Answer. My name is XXXXX XXXXX my goal is to help make YOUR life, a little...LESS taxing.

In order to reduce your federal withholding to $0, you would need to claim exempt on the Form W4. You can claim exemption from withholding for the current tax year only if both the following situations apply:
  1. child">For the prior tax year, you had a right to a refund of all federal income tax withheld because you had no tax liability, and
  2. For the current tax year, you expect a refund of all federal income tax withheld because you expect to have no tax liability.

You can use the following IRS webpage as a guide to see if you are able to claim exempt.

 

http://www.irs.gov/Individuals/Tax-Trails---Can-You-Claim-Exemption-from-Withholding-on-Form-W-4%3F

 

Please let me know if I can be of further assistance to you regarding this matter.

 

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