You can no longer claim allowances like 1 or 0 on your W-4 since the IRS redesigned the form. However, you can claim an exemption from withholding if you owed no income tax last year and don’t expect to owe anything in the current year. Be warned, however: You could owe a very hefty tax bill to the IRS when you file your return if you don’t meet these qualifying rules, and you may be charged penalties as well.