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No, you're not supposed to put Exempt. You don't meet the requirements for it. Use the Tax Withholding Estimator on the IRS web site to figure out what to put on your W-4 form. It will let you adjust your withholding to get the approximate refund amount that you want.
If you reduce your withholding now, be sure to adjust it again in January. If you keep your withholding very low (or zero) next year, you'll end up with a big tax bill at the end of the year.
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