November 2, 2020 9:24 AM
last updated November 02, 2020 9:24 AM
Can I simply update my w4 to show Exempt so that they wont take anymore federal taxes for the rest of the year. The 2020 W4 is confusing for me and I'm not sure how to reduce the amount but I figure exempt would do the trick. Just not sure If I'm supposed to do that.
November 2, 2020 9:37 AM
November 2, 2020 9:40 AM
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.