No. It doesn't work that way. You file a return. The tax is calculated on your income (after subtracting the Standard Deduction). Then your withholding is subtracted from the tax giving you a refund or tax due. If you file exempt and don't have any withholding taken out you may end up owing a lot on your tax return.
And you can't go back and change the past unless you need to correct something on your return. Like if you missed reporting some income.
