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| *Ostroff, Fair and Company>>>United States Taxes |
How do you file exempt on your taxes? |
im 18, have no dependents, no one can claim me, and i make 19000 a year. i want to claim exempt, and i know that all i have to do is write so on the bottom of the form. but am i able to do so? does anyone know the income limits to file exempt? and if you do file exempt, do you still get a w-2 form at the beginning every year or how do you then, file your taxes when you are exempt?? please help! Some answers have noted that claiming exempt on your W-4 does not mean you don't have to file and pay taxes. That is technically correct, but if you earn enough to be required to file a tax return (and you do), you can't legally claim exempt. Claiming exempt IS claiming your will have ZERO tax liability. You can't file exempt with that income. Fill out a 1040 like the rest of us. Good try! The rule for filing exempt is that you expect no tax liability this year and had none last year. Just enter exempt on your W4. This does not mean that you do not have to file taxes if required due to being over the minimum income level. NOTE: Exempt is only used if you have no tax liability. Not having any taxes withheld and then owing tax can mean penalties, interest, and worse. What makes you think that you are exempt from paying taxes? You mean, you think that you're exempt from paying income tax? You can only file exempt if you make less than $800 a year. Actually, you might not make enough to pay, but you still have to fill out a forms at the end of the year. 1040-EZ ought to do it for ya. http://taxes.about.com/od/preparingyourt... You can claim exempt on your W-4 form, which determines how much tax is withheld from your paycheck. But you must still file income taxes, and you must still pay if you owe. If you are single you will owe the highest amount, single people pay the most taxes. File Exempt till you start earning a minimum of $ 100,000 per year. Good Luck! |
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