How many times can I move my exemptions up, so that they won't take federal taxes out my check?

Question

Before I get in trouble

Answer 1

If you do not have enough taken out you will get hit with a penality.

Answer 2

You won't get "in trouble" with the IRS, if that's what you mean, but your employer might get a little annoyed with you if you keep revising your W-4 over and over again.

Why not just figure out how many exemptions you want to claim and then file a W-4 with that number of exemptions? Why do you think it's necessary to change it multiple times?

Answer 3

You won't get in trouble - as long as you pay what you owe at the end of the year.  

..as many times as it takes for you to get it right.

Answer 4

Some employers limit the number of times an employee can change their W-4.  The hospital where a friend of mine works as a nurse limits it to every six months.

Take a look at your 2007 tax return.  Find out how much actual tax you paid (this is not your balance due.)  If you have this amount withheld in 2008 and you owe under $1,000 you will not have a penalty charged if you under pay your 2008 taxes.