Exempt from Federal Taxes....Will I still Recv a Refund for 07?

Question

Ok, here is my predicament. I filed exempt on my tax forms like I do every year with 1 exemption thus preventing Federal Taxes from being taken out of my paychecks and ONLY Fica/Med/State taxes being taken out...I am currently a part-time student that works full-time and only 20 yrs old this would be the 1st time I could file taxes without someone else being able to claim me. My gross income for this year was 23,275 and I fall into the 15% tax bracket. Will I still get a refund for 07 or would I owe money?

Answer 1

If you don't pay taxes you are certainly not going to get a refund.

You don't qualify for EIC unless you have a qualifying child (you earned too much money and have to be 25 years old if you do not have a qualifying child).

Without knowing more details which would alter my thoughts, it seems that you were wrong to file as exempt from Federal Taxes and that this is going to bite you in the long run because I would expect you to owe money on your taxes because you failed to pay any in. Also, you may even owe enough to earn yourself a penalty for not paying in enough taxes during the year.

I highly recommend you let Uncle Sam take his share of your earnings from now on - - it will make it more likely for you to get a refund, or at least not owe.

Answer 2

If you claimed exempt then your not using the 1 exemption you claimed.
Nevertheless if you made over 20,000 you should no longer be claiming exempt unless you have dependents.
you will owe tax if no fed/state tax was withheld.
If cash flow is a problem you should immediately send in an estimated tax payment form 1040es of what you can afford now so you will have less to pay on April 15.
If you expect the same wages next year you should file a new w4 & no longer claim exempt.
If this is your only job you may be entitled to claim 2 exemptions.
1 more thing thing - at your age without dependent kids, you wont be able to claim the earned income credit so you wont get a refund.

Answer 3

Since you did not have any federal income tax withholding taken out, you will not get a refund from federal. Being exempt from withholding is not being exempt from tax. You are still liable for taxes on the income you earned. What sort of state taxes were withheld? If it was income taxes, you may potentially get some back. If it was state disability taxes, then no, you won't get it back. It is disability insurance that would pay you if you are disabled and cannot work. For FICA and Medicare, no you won't get that back either. That is for social security and medicare that you will qualify to receive when you reach retirement age. The only way around being exempt from FICA and Medicare is if you are a foreign student studying in the US and working under a practical training visa. In that case, the employer is still required to withhold SS and Med, but you can file for a refund of it at the end of the year. This is on a separate form.

Answer 4

you will not get a refund, and in fact you need to consult a tax accountant. You are not considered exempt from taxes. Just because you are a student and working part time you are not considered exempt. Good chance you will owe a lot in back taxes if and when they catch up with you. You need to read the rules of being Exempt a bit closer.

Answer 5

Unless you qualify for Earned Income Credit or some other credit, if you did not pay in any taxes you will not receive a refund.

There are other issues coming into play to determine whether you would owe taxes, such as whether you have an education deduction and how many dependents you have.

See your tax professional.

In the future you may not want to say you are exempt on your W-4.

Answer 6

I am not a C.P.A., but I do have experience with claiming "exempt" on my taxes. One year when I was in a very similar situation (working student), I claimed "exempt" on my taxes, because that's what I had done in previous years, and I ended up paying a GRIP on my taxes for that year. After that, I stopped claiming exempt. This is probably the best way to get an answer without having to pay, but be careful with claiming exempt.

Answer 7

Most likely you will owe money to the feds because it is manditory to pay federal taxes even if you fill out exempt on the tax form.

Answer 8

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Answer 9

It is very likley you will owe unless you have a lot of deductions on your return.

Refund calculator for 06 but will get you close:
http://www.yourmoneypage.com/withhold/refund_fed_paystub.cgi

Answer 10

With that amount of income, it sounds like you will be paying the IRS this year. Unless you itemize and have lots of deductions.