Can I change my federal withholding to zero (##Question_Title##) for the rest of 2008 if I've withheld enough already? How?

Question

By my estimation, I've withheld enough from my 2008 pay to cover my federal taxes due in 2009. Can I claim exempt (have no more withheld) for the rest of 2008? Do I just change my W-4 to claim Exempt status? I am aware I'll have to change it back at the beginning of 2009 for the 2009 tax year.

Answer 1

You can change it at any time you like.  Just go to personnel and file a new W-4.

Answer 2

We are in a similar situation, we are a family of 6 with 1 income, and my husband receives a large bonus of which the withholding more then covers our tax burden for the entire year.  We normally have 10 allowances on our W-4 (we have 4 children), but we increased it to 15 allowances, this increased his take home pay by quite a bit per month.  You cannot claim exempt if you had any tax paid in 2007 at all. Just change your W-4 with your employer.

Answer 3

you can only claim exempt if you will have zero tax liability for the year - you don't qualify - just change you w-4 to single and 9 - you better be REALLY sure you won't any tax - it's very unusual to have paid in all your taxes only halfway thru the year

Answer 4

Don't claim exempt, you don't qualify for that,  but if you have your tax already covered for this year, you can increase your allowances claimed on your W-4 to keep them from withholding any more.