Here is my situation...
I am 19, I live at home and I am a full-time college student, I made about 17k last year. I claimed expemt on my taxes all year, but I am still required to file a return.
Do you think I have a possibility of making anything thing?
Or do you think ill end up owing money?
am i screwed?
2007-01-31 10:08:33 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If they took no taxes out, yes, you will owe taxes.
It will depend whether you were an employee or self-employed. (If you got a W-2, you were an employee, 1099 = self-employed.)
If you were self-employed, you may be able to deduct any expenses you had associated with the work in question. I would highly recommend consulting a tax preparer for help in that case.
If it's just a W-2...then just figure your taxes yourself on an 1040 EZ. Do it now. If you owe, you'll still have almost 3 months to save up the money you'll need to send with the return (which you can wait to mail until April 15th). If you get a refund, you can send it right away.
The sooner you find out (either way), the sooner you'll stop giving yourself an ulcer from the stress of the unknown!
2007-01-31 10:20:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Quick rule of thumb, if you make enough to be required to file, you have some tax liability. Since you had nothing withheld, you will owe the IRS. Please use the link below to estimate the correct number of allowances to claim on your W-4. It is illegal to claim exempt unless you have GOOD reason to believe your tax liability will be zero. You have good reason to believe yours won't.
2007-01-31 18:38:28 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
josh i already told you owe money.
2007-01-31 18:18:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋