can i get money back from my income tax i went exempt all year on my federal and state?

Question

they have taken no money fromme but iam claming my 2 kids and childcare fees, also im head of house hold, will i end up with a little something? my yearly income will be about 45,000 .

Answer 1

You make more than the limit for EIC so you will not get any refund unless you had withholding which you state you filed exempt on your W-4. A quick calculation assuming that you take standard deductions, would suggest that your tax is about $3,500. Your Child tax credit will reduce that by $2,000. Than comes the question of the Child care expense. You will be subject to a "limitation" of 20% of the expenses paid not to exceed $6,000 (expensees) if both of the children are eligible. Therefore the maximum Child Care Credit would be $1,200. If you reach that amount you may just dodge the bullet and owe as that would reduce your amount owed to $300. You still would be subject to the $500 penality for claiming exempt but the IRS mat not notice. If you paid less than $2,500 total child care expenses you will have a very large penality. You should go to your HR people and change your allowances on the W-4 before the end of the year. Claim zero and ask them to take out a couple hundred more just in case. You can change it again after the first of the year to something close to your real situation. Otherwise you are playing with trouble.

Answer 2

If you claimed exempt then your not using the 1 exemption you claimed. Nevertheless if you made over 20,000 you should no longer be claiming exempt unless you have dependents. you will owe tax if no fed/state tax was withheld. If cash flow is a problem you should immediately send in an estimated tax payment form 1040es of what you can afford now so you will have less to pay on April 15. If you expect the same wages next year you should file a new w4 & no longer claim exempt. If this is your only job you may be entitled to claim 2 exemptions. 1 more thing thing - at your age without dependent kids, you wont be able to claim the earned income credit so you wont get a refund.

Answer 3

Your income is too high to qualify for EXEMPT status even taking into consideration the Child Tax Credit. You'll probalby owe somewhere around $1,500 when you file unless you have significant itemized deductions and probably qualify for the Child Care Credit. Since nothing was withheld from your pay there will be penalties and interest for underwithholding since the debt exceeds $1,000.

It's also highly likely that the IRS will then issue a "lock letter" to your employer directing them to withhold taxes at a maximum number of withholding allowances specified by the IRS. Most of the time the IRS issues those lock letters at Single and 0. It will then be up to you to file a Form W-4 directly with the IRS and include a sworn statement explaining why they should modify the lock letter and allow your employer to withhold less tax. Once a lock letter is issued, it stands until the IRS withdraws it or you quit your job. However even quitting your job may not help in the long run because as soon as you get another job the IRS will issue a new lock letter for your new employer.

When you file Form W-4 with your employer you are swearing under penalty of perjury that it is a true and correct statement. When you file an EXEMPT W-4 you are swearing that (a) you had no tax liability for the prior tax year and received a refund of all income taxes withheld and (b) that you reasonably expect to owe no tax in the current tax year. If this is not true the IRS will consider your W-4 as fraudulent and can levy a $500 administrative penalty on top of your other tax debt including the penalties and interest.

You have only one hope of avoiding this train wreck and it may clobber your budget heading into the holidays. I hope you have enough in savings to make it to the end of the year. File a new W-4 with your employer on Monday. Claim the proper number of withholding allowances for your filing status and family situation. Then on line 6, enter a number that will ensure that at least $1,000 is withheld in tax over the few remaining pay periods in the year. If you're paid weekly, enter $250 or if you're paid bi-weekly enter $500, etc. In most cases tax withhloldings are considered as paid evenly throughout the year. At the very least it will indicate to the IRS that you noticed that your EXEMPT claim was not going to be valid after all and you took positive steps to have the proper amount of tax withheld. With a bit of luck the IRS isn't working on a lock letter right now and are just waiting for your tax return to be filed. Having that extra tax withheld should keep the wolf at bay. Then immediately after the last pay period of the year file another W-4 with your employer directing the proper withholdings for next year.

Good luck. You're going to need it.

Answer 4

No, you didn't pay anything in so there's nothing to refund, and your income is too high to qualify for an earned income credit.

You are likely to owe several hundred dollars for federal - if you do, it wasn't legal to claim exempt.

Since you don't say where you live, no way to tell if you'll owe state also, but you likely will, depending on your state.

Answer 5

Your personal deduction for federal tax is $11,250. Deduction for two kids is $6,850. Your taxable income is $26,960. Your federal tax is $3,483.
You won't get Earned Income Credit.
You may get Child Tax Credit is $2,000.
You will owe $1,483. It may be less because of child care credit.

Answer 6

You make enough to owe taxes, but the 2 kids will give you child tax credit, and it will probally cancel out what you owe, Of course there are a lot of factors, but My guess is that your going to break almost even. If you do get something back, it will be less than 500 bucks.
but I'm just guessing

Answer 7

Oh boy, you will probably be paying some money this year.

Answer 8

Why don't you give the IRS a call? Then you'll know for sure.