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Withholding "allowances" on Form W-4 are not the same as personal exemptions on Form 1040 even though they "look" like they're the same.

You can claim as many withholding allowances as you need to get your tax withheld to approximate your tax liability. If you claim more than 10, your employer will report this to the IRS which will review your past tax returns to see if you are frivilously underwithholding.

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