I am 18 yrs old and recently started a part time job for the 2018 year, never had a job before therefore don't have any tax liability for 2017, and my parents claim me as a dependent. So I asked one of my advisers if it would be ok to I claim exemption from withholding for 2018 on my w4 (i put EXEMPT on line 7) and they said yes because I will only be making about $400 for the entire time that I work (from January 2018 to May 2018). A relative of mine recently told me that it would be best to revise my w4 and change my exemption and claim 1-2 allowances (1 for Line A and 1 for Line D on the personal worksheet of the w4). He said this will ensure that I will not owe the IRS or state any money or have any unintended fines. My pay stubs show that the state income tax ($1.20) are deducted but nothing else and each pay period I only get paid around $38.80.
What it be best to keep my w4 how it is (me claiming exemption from anymore tax deductions) or should I revise it and claim 1-2 allowances. Will it make any difference if I do change it? And will I end up owing the IRS or State any money if I continue to claim exemption for the time that I work and get paid? Thank you so much!
P.s. I am not married nor have any dependents/children and am a full time college student and only have one job.
