2007-02-11 19:09:43 · 4 answers · asked by cdamasco76 1 in Business & Finance ➔ Taxes ➔ United States
No, you'll actually get far less money back. If you have any tax liability at all, you will also probably be facing penalties and interest for underpayment of taxes. Claiming EXEMPT on Form W4 when it is not true is illegal and may trigger an additional penalty for an abusive filing.
2007-02-11 19:14:52 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 3⤋
You are not allowed to file as exempt on yur W-4 if you expect to owe any taxes.
The only way you'd get anything back is if you are eligible for a refundable credit like EIC. And by filling out your W-4 as exempt, you will get less money back, not more, since you won't have anything paid in to get back.
2007-02-12 03:45:08 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
If you claim exempt on your W4 you won't get anything back because you will not have paid anything in. Claiming exempt is telling your employer to not take any Federal Taxes from your earnings. So more than likely you will owe when you file your Tax return
claim single with -0-
2007-02-11 23:57:46 · answer #3 · answered by Rob 7 · 1⤊ 1⤋
Not exempt. Just claim 0 exemptions then you will get more back or pay less when you file your tax return.
2007-02-11 19:21:09 · answer #4 · answered by americanmalearlington 4 · 0⤊ 3⤋