Quick Tax question

Discussion in 'The Lounge' started by zcarczar, Jan 27, 2004.

  1. zcarczar

    zcarczar 1/2 ton status

    Feb 10, 2002
    Likes Received:
    Apple Valley California
    Ok, I need to file exempt this year because im under 18 and still student living at home. But the only form I know is 1040ez and when filing it out the gov. wants $300 of my hard earned cash from my min. wage job. So How do I file exempt so I can get all of my money back instead of half of it?
  2. Goober

    Goober 1/2 ton status

    Apr 26, 2002
    Likes Received:
    Mayberry (Auburn, WA)
    Being a student and living at home does not automatically mean that you don't have to pay taxes.

    If your income was more than $4,750 (standard deduction) then you will probably still be paying some taxes unless you can claim hardship. Good luck with that one.

    For next years taxes, you could fill out a new W-4 with the word "EXEMPT" on line 7 and give it to your employer.

    To be exempt means that you do not need to have federal taxes withheld from your paycheck. To qualify, you must meet the following conditions:

    <ul type="square"> [*]In the prior year, you had a right to a refund of all federal income tax withheld because you had no tax liability. [*]this year you expect a refund of all federal income tax withheld because you expect to have no tax liability. [/list]

    Also, keep in mind that you cannot claim exemption from withholding if:

    <ul type="square"> [*]Your income exceeds $750 and includes more than $250 of nonwage income.


    [*]Another person can claim you as a dependent on their tax return. [/list]

    My advice would be to make sure your w-4's are accurate, fill out your 1040 or 1040EZ, make sure you take all the allowed deductions and suck it up like the rest of us who pay taxes.

    OR .........

    You could run away to Canada. /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif


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