I am 36 and just recently went back to school as a full time student. My question is can I claim exempt even though I have a full time job?? I don't want to get into any trouble with the government. Also, is there an income limit to claim exempt if you are working full time?
2007-03-07 02:19:55 · 7 answers · asked by mzbrwnskin 1 in Business & Finance ➔ Taxes ➔ United States
You can only claim exempt if you expect to get a refund of the FULL amount of Federal Taxes withheld. Being a Full time Student does not make anyone exempt from having Taxes withheld,
http://www.irs.gov/faqs/faq-kw206.html
2007-03-07 02:28:39 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Depends on how much you make, but most full time jobs would be likely to put you over the limit. Being a full-time student doesn't have anything to do with being exempt or not, it's whether you will have any tax liability or not.
Claiming exempt means you will not have income tax withheld from your paycheck. You are only allowed to do this if you do not expect to have any tax liability for the year - that's on the instructions on the W-4 form. If your deductions, your exemption and your credits mean that you will have no tax liability, then yes you can claim exempt. Even if you're working full time, if you have credits like educational credits, they might wipe out any taxes that you owe - if that's the case, you can claim exempt. But if you will have ANY tax liability next year, then you are not allowed to claim exempt.
2007-03-07 12:30:08 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You can claim exempt if you had no tax liability in the previous year and do not expect to have a tax liability in the current year. If you're working full-time, my best guess is that you will have a tax liability and it would therefore not be wise to claim exempt because then you will have to pay the taxes out of your own pocket at the end of the year. How much depends on your total income, credits and deductions, but having to pay anything out of your own pocket can hurt! Hope that helps.
2007-03-07 10:36:14 · answer #3 · answered by Lilly 3 · 0⤊ 0⤋
Even a regular student is not exempt if they earn too much. You know there is no chance you could do this. Claiming exempt just means no withholding will be taken. Does not exempt you from taxes.
2007-03-07 11:01:41 · answer #4 · answered by vegas_iwish 5 · 0⤊ 0⤋
No, you can do it as a Full Time student only. You dont have to make a certain amount. Working Fulltime ans School Fulltime is a hassle on its own, so good luck and keep saving your money.
2007-03-07 10:24:46 · answer #5 · answered by Kawainani 4 · 0⤊ 1⤋
My Dear, you are asking for big trouble. I did it once and had to pay a huge penalty. I would advise consulting a tax advisor.
2007-03-07 10:26:00 · answer #6 · answered by MoPleasure4U 4 · 0⤊ 1⤋
always be safe, get tax advice.
2007-03-07 10:27:32 · answer #7 · answered by Anonymous · 0⤊ 1⤋