I filed exempt i think 05 when i was 17.then i turned 18 and had to get it changed so i wont pay taxes so i can get the refund.and this was january 06.but i dont remember filling another w2 though.but i did tell my boss.i dont know actually i forgot.omg im confused i need to talk to the tax people.
2007-02-06 05:17:25 · 5 answers · asked by bmoresassy 1 in Business & Finance ➔ Taxes ➔ United States
Why did you claim exempt on your W4 at your employer? By claiming exempt you have told your employer that you do not have to have Federal income tax withheld from your paycheck.
Depending on how much you made in wages, you may have a requirement to file a tax return, and with no Federal Tax withheld you may end up owing taxes on the taxable portion of your wages.
A tax refund is an return of OVERPAYMENT of Federal Taxes, if you didn't have Federal Taxes withheld there is no Tax refund.
You need to change your W4 with your employer to single with
-0-. to ensure that your employer withholds Federal Taxes from your wages.
Only certain people and organizations (churches, charitable organizations, individuals who got a refund of all of their prior federal taxes withheld in the prior year) can claim to be exempt from taxes
Call the Internal Revenue Service at 1-800-829-1040
2007-02-06 05:42:02 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Filing exempt on your W-4 just means that no federal income taxes will be withheld. It doesn't change what taxes you will owe, and doesn't mean you won't have to pay taxes.
Your income is still reported to the IRS whether you file exempt on your W-4 or not, and you still get a W-2. You still have to file a return if you made enough to be required to, and if you owe any taxes, you'll have to pay them, and might also have to pay a penalty for filing exempt when you aren't. You are only allowed to file exempt if you do not expect to owe any taxes for the year.
And by the way, if you don't have taxes deducted, you have nothing to be refunded so you won't get a refund. You are too young to be eligible for the Earned Income Credit unless you have a dependent child.
2007-02-06 05:26:50 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Just because you claimed exempt on your W4 does not mean that you won't get a W2. You always get a W2.
Furthermore, filing exempt status on Form W4 does NOT carry forward to the next tax year. You must file a new W4 with your employer for every year that you intend to claim exemption from withholding.
Note: If no taxes are withheld, you won't be getting any refund unless you qualify for the EITC or one of the other refundable credits.
2007-02-06 05:24:32 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
It would be good for you to at least get a consultation from a tax expert. A w-4 is what indicates what you are having withheld from your income. Exempt means that you have so many dependents or deductions in relation to your income that there is no way you would owe any taxes....
www.irs.gov, individual, withholding calculator.
jackson hewitt will usually give you a free initial consult, just ask for someone with lots of experience.
good luck & blessing
2007-02-06 05:26:34 · answer #4 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋
You have to file even if you owe nothing. Note you were exempt on the form. Its for your own protection. File one then they can't come looking for your return.
W-2 is the form you get from your employer for working. You have to pay taxes on your wages if not then you owe the gov.
2007-02-06 05:28:04 · answer #5 · answered by Hi'Lo 3 · 0⤊ 0⤋