If too much income tax has already been withheld can I file a new w-4 with "exempt" for the balance of the year?
If there are tax law changes that increase your tax for 2011 and you do not increase your withholding, you may have to pay tax when you file your return. If there are changes that decrease your tax for 2011 and you do not decrease your withholding, you may get a larger refund. You can get this money back earlier by reducing your withholding.
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