I filed my taxes by the due date and I owe back $698 I put exempt on my W2's I am a full time college student do I still owe taxes I made $16,000 for the year of 06 I have not received anything in the mail about making payments to pay my taxes
2007-06-08 19:07:33 · 6 answers · asked by love live laugh 2 in Business & Finance ➔ Taxes ➔ United States
You were not exempt from taxes, or you made a mistake on your return. A single person with $16,000 of taxable income and no deductions other than their personal exemption and standard deduction is going to owe taxes. Being a full-time student doesn't change this.
The longer you wait to make the payments, the more interest is going to accrue. Each month, the interest jumps considerably, and it is more expensive than a bank loan or cash advance on your credit card.
Don't wait for them to send you a letter. Call 1-800-829-1040 and ask for assistance with how you can pay them, in person or through the mail.
2007-06-09 03:53:50 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Yes, you owe. Being a full time college student does NOT exempt you from paying taxes - that depends on your total income for the year and your filing status. If you mean that you put exempt on your W-4, then you did it illegally and can be fined for that in addition to whatever taxes, interest and late-pay penalties you owe. So be sure to get that changed asap for this year. Since the year is already almost half over, you'll probably owe for this year also if you're making about the same income as last year - you'd be wise to have extra taken out the rest of the year so you can break about even.
You can call the IRS to set up a payment plan. If you don't, they'll contact you eventually - but interest and penalties are compounding in the meantime, so you might want to get this taken care of.
2007-06-11 19:06:42 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Not only do you owe the taxes, you may be penalized up to $500 for improperly claiming EXEMPT from withholding. If you claimed EXEMPT again this year, submit a new W-4 with your employer without claiming EXEMPT or you will face the possibility of that penalty again.
2007-06-09 07:19:38 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, unfortunately, you do owe taxes.
If you completed a W-4 (not W-2) claiming exempt status, that is just exemption from withholding, not from paying income tax. This is a very common misconception.
2007-06-09 02:28:42 · answer #4 · answered by Mark S 5 · 0⤊ 0⤋
Go now and fill out a correct Form W-4 with your employer and do not claim exempt. Read the instructions.
2007-06-09 12:24:27 · answer #5 · answered by acmeraven 7 · 0⤊ 0⤋
dunno
2007-06-09 02:13:03 · answer #6 · answered by BusinessGurl 1 · 0⤊ 2⤋