Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
RichTR11
Returning Member

Need to reduce Fed Withholding as Close to Zero as possible without claiming exempt

I just realized I will not have enough Fed tax liability at the end of this year to claim my $7500 EV tax credit without reducing my fed withholding to about zero the rest of this year on my job withholding. Can I claim 50  dependents (besides my 2 qualifying children under age 17) on my W2 without raising issues? I have a bi weekly deduction of about $870 for fed withholding and only have 6 paychecks left to increase my tax liability (based on my estimates I would only owe $2.5K at the end of the year currently) and need another $5K to claim the full $7500. 

 

Or should I write in the amount for above the $27,700 standard deduction by X $'s to get the extra $5K liability?

 

The problem is I do not know how much either of these actions reduce the fed withholding each month.

 

2 Replies
RichTR11
Returning Member

Need to reduce Fed Withholding as Close to Zero as possible without claiming exempt

Sorry Meant to say: The problem is I do not know how much either of these actions reduce the fed withholding each month  on each bi-weekly paycheck. Any W4 feedback will help. Thank you.

 

Need to reduce Fed Withholding as Close to Zero as possible without claiming exempt

You will need to contact TurboTax Community on the US side for assistance this is the Canadian side. 

 

Thank you for choosing TurboTax.