I'am trying to see what's the proper way to file exempt on my taxes.
2007-07-06 13:17:36 · 4 answers · asked by Dirty Glove 1 in Business & Finance ➔ Taxes ➔ United States
Do you mean file exempt on your W-4? If so, to qualify you would have had no income tax liability in 2006. And, you expect to have no income tax liabilty in 2007.
Assuming that you are single with no dependents you can earn $8750 this year without having to pay any federal taxes ($5350 if someone can clain you as a dependent).
If my assumption is incorrect, then the only way to be exempt from taxes is to not earn any money or spend any money.
2007-07-06 13:42:50 · answer #1 · answered by Steve 6 · 3⤊ 1⤋
Steve's answer is correct. Pay no attention to Fab - being a full time student has nothing to do with owing tax or not - it's your income that determines if you owe tax. If you file exempt and aren't, you could be subject to a $500 fine, plus whatever taxes, plus penalties, are due for the year.
2007-07-07 01:41:01 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
What makes you think you should be exempt from paying taxes ? I paid for over 60 years and the last five I have been tax free, you ask why ?, it is because I don't earn enough to pay any taxes except sales tax etc, no Federal Income tax.
Maybe when you get into your 80's you can do it also.
2007-07-06 20:30:06 · answer #3 · answered by John P 6 · 0⤊ 1⤋
If you are a full time college student you can file exempt. Check exempt on your w-2 & on your state form, if you have a state income tax.
My fiance is a R.N. and going to school full-time for Nurse Practioner, & has been going to school & work for almost 5yrs. now & her accountant gets here all the money she does pay in taxes. Granted she does pay them, but as a full-time student she gets all the money she paid in taxes back after she files.
2007-07-06 22:26:42 · answer #4 · answered by Fab 4 · 0⤊ 2⤋