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    vbarra's Avatar
    vbarra Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 4, 2008, 01:24 PM
    What if I change my withholding to exempt now, will I owe come tax time?
    I was wondering if I change to exempt to get no taxes taken out for the rest of the year, will I owe? I have 2 dependents, one I can claim child tax credit on, and pay child care for all year, the other is in college, and I also claim single, head of household. I made 31,000 last year but will make less this year, about 3,000 less. Any tips or advice will be appreciated. I read a comment earlier saying if you make more than 8,900 or something you cannot claim exempt, but I believe I've already paid enough out this year to taxes, but not sure. Does that make a difference or not?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Sep 4, 2008, 03:08 PM
    If you have already paid enough taxes for this year, then you can claim exempt.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Sep 5, 2008, 08:20 AM
    Claim EXEMPT on your W-4. By claiming the $1,000 Child Tax Credit, your total tax liability is $38, which I am sure has already been withheld.

    Better you get and use the money NOW than have it withheld, only to be refunded later.
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