I've been told that I can, but I'm not sure, and I don't want to end up owing the government money. I'm 21, a full time student (though I'm taking next semester off), and making a little under 12,500$ a year before taxes. (if I were to continue the hours I'm doing now). How do I find out if I'm tax exempt or not?
2007-07-02 08:15:27 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Judy is giving you good advice.
2007-07-02 11:45:14 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
If you are going to make that much, then NO you can't file as exempt. Exempt means that you had no tax liability last year and don't expect to have any this year. With income around $12,500, you WILL have some tax liability.
The limits for 2006 were $5150 if you were a dependent, or $8450 if you weren't. Limits for 2007 are a little higher but not much. Being a student doesn't change your tax liability.
2007-07-02 08:36:53 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
go to www.givemeliberty.org they have a free package on that subject
2007-07-04 12:13:58 · answer #3 · answered by DRK1946 2 · 0⤊ 0⤋