I am a single mother of 2 children aged 6 and 4. I work full time and go to school full time. Can I be tax exempted?
2007-01-17 01:04:54 · 4 answers · asked by sunkist 2 in Business & Finance ➔ Taxes ➔ United States
Possibly. It depends on how much you make. If you didn't owe any taxes last year and don't expect to owe any this year, you can claim "exempt" on your W-4 and not have federal income taxes withheld. I'm not sure if that was your question or not.
Even in that case, if you make more than the limit for your filing status, this year $8450 if you file as single, $10,850 if head of household) then you'd still have to file, even if your exemptions and credits would mean that your tax is zero.
If you are paying tuition, then you can probably also get an education credit for part of that.
You are very possibly also eligible for the Earned Income credit. You would need to file in order to get that.
You aren't exempt from tax because you're a single mother, working full time and going to school full time. But depending on how much you make, you might well not owe any taxes.
Good luck.
2007-01-17 17:57:11 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You may want to use tax exempt on your W-4 if you had no tax liability last year. However you still should consider filing a tax return because there very well may be refundable tax credits that you would be eligible for such as Earned Income Credit. Once you get your W-2s and something that showed that you were a full time student you should have that information reviewed by a tax professional. Most will not charge you to tell you what your return would be. They will charge you to file if that is what appears to be in your best interest. The one question you will need to address concerns your housing situation. Do you maintain a home (pay more than half the cost) for you and your children? If that is the case you should qualify for Head of Household filing which will give you a greater return.
2007-01-17 02:27:07 · answer #2 · answered by ? 6 · 0⤊ 0⤋
I suppose it's possible however, your going to get a tax return if you file based on the info you provided with this question. ie: Because of your filing status, you have most likely already paid too much tax out of your pay checks. Once you deduct your exemptions, standard deductions, EIC, childcare costs and any medical you might be-able to claim-- Uncle Sam is going to owe you money.
2007-01-17 01:44:28 · answer #3 · answered by Camoguntruck_lady 3 · 0⤊ 0⤋
no....tax exempt is for those people (ok eggplants) that knows the loopholes in the system and has worked around the system to benefit their gains.
In other words its for the super rich that knows the system or attornies that knows the loopholes.
However if you make a decent income (8-15k) your eic will be very generous.
2007-01-17 02:01:19 · answer #4 · answered by Anonymous · 0⤊ 1⤋