Going exempt won't help at all...that just changes your withholding and not your liability. Your tax liability is the tax calculated before your tax pre-payments are considered as credits.
What would help, if it doesn't look like you would be able to use it all, would be if you converted some $$ in a traditional IRA......to a Roth IRA. Something else would be to take capital gains by selling stock or Mutual funds that you own (but the taxes on those depends on how much income you actually have)
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
