i claimed exempted and .....?

Question

i heard i will owe money at the end of year. This dosnt make sence iam student. If this is true can i change it so it takes money out so i wont owe as much at the end of the year.
I have made 4 thousand this year : )

also i made 3 thousand last year nothing happend

Answer 1

Your standard deduction for Feds is greater than the income made. Don't worry about it. If even your parents claim you, you will not owe on the feds. If you want to claim exempt, our suggestion, Claim 9. IRS doesn't get the notice, and works more or less the same way unless you're joe or mary millionaire. And if you owe money at the end of year, unlike exempt, that requires you to make sure you don't and meet 10k different qualifications, you can't get penalized for claiming exempt and then owing.

If your income for this years and this applies only to Federal, falls above 5k for example, best seek advice from competent tax people. Otherwise you may very well pay the price and we don't want to see that happen. Best advice, as every situation differs, don't listen to idiots. This may include us but on this subject again, don't sweat it. If for example you made 4k student or not, you wouldn't owe any money anyway last year and this even if your parents are claiming you.

Send email to [e-mail] and we will check with your state. What state you live in and based on 4k will see what their rules are before you change W4's. Up to you free advice.

Friendly advice to all. Don't automatically assume that a tax credit, tax situation, tax advice or otherwise applies to you. As each situation and income level and otherwise differ, it may very well not. "I did this you can too, oh really now." this is the same as saying "I can say you money on your taxes but I haven't even seen them yet." Yeah right.

Thank you. I remain

Sincerely,

Wayne Barney
President
BC Business Services, Inc.
Quality Financial Services Since 1994 with Clients in over 25% of the United States.
1877-343-5147 Toll Free
http://www.bcbsinc.com
email: [e-mail]
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Answer 2

Why do you think you won't owe tax because you are a student? It's the amount of money you make, not whether you're in school, that counts.

If you've made $4000 already and are a dependent, you probably will owe some money if you continue working at around the same amount as you have so far. Change your W-4 to have zero allowances and DO NOT check exempt. You might still end up owing some tax when you file. You could avoid that by having an extra $6 or so a week taken out of your pay - you do that on your W-4 also.

If you only made $3000 last year, you would not have owed any federal tax and would not have had to file - the limit last year to have to file was $5150 if you are a dependent. This year you'll earn around $7000 or a little more, and be over the limit to have to file.

Answer 3

My husband and I are both students. To avoid mix-ups, we never claim exempt, we just make sure they know we're students. So what happens is, we pay our taxes during the year and then the IRS gives us back almost everything we paid when we get everything checked out in April.