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Can i calm exempt for a month. This will bw my last month of…

Customer Question
Hi, can i calm...

Hi, can i calm exempt for a month

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

This will bw my last month of work, I would like a little more money for the next few checks os ot possible. I want to make sure os okay

Accountant's Assistant: Is there anything else important you think the Accountant should know?

My employer States i so not qualify.

Submitted: 4 months ago.Category: Tax
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Answered in 2 hours by:
3/9/2018
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 4 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,132
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 4 months ago

Yes, you can claim exempt, but there may be some issues.

First of all, the IRS requires employers to report anyone who claims exempt when the employer feels that they are not. They are also required to report anyone who claims excessive exemptions.

With the new tax law, your check should already be a bit more than it was before.

If you are only planning on doing this for a short period of time (a few weeks) I don't think that your employer would report you, and the additional tax you may owe at the end of the year (because you are having less withheld) will be minimal. I've been doing this for over 33 years, and have seen some people get stung with this strategy, and have seen others who were not hurt.

So in summary, YES, you can claim exempt, or claim 9 exemptions, on your W-4.

I hope this answers your question. If you have any more, please let me know and I will be happy to answer.

Thanks! Have a great week!

Roger

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