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~Solo | Am I eligible to file exempt on my W-4? |
I am single (age 22) with one dependent (my sister- age 15). My income is over $30.000. I want to get an apartment but I will be struggling a bit with the car note , insurance, !!GAS!!, and student loans I have to pay off. I'd rather or should I say NEED to get most of my money now instead of waiting to the end of the year but I heard that were certain qualifications. Can someone please help me? |
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Mathew
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You would be ill advised to claim exempt. There can be as much as a $500 penalty for filing exempt if you do not qualify and it appears from the information that you have provided that would be the case. Single with 5 0r 6 allowances would get you the most back, without putting you in a position of owing a large amount at the end of the year. You can owe as much as a $1,000 without paying a penalty. |
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ninasgramma
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If you provide over half the costs of maintaining your home, you will file as head of household. You will claim your sister and receive about $500 Earned Income Credit plus $1,000 Child Tax credit. This assumes you have already received a stimulus package for 2007. If you have not received a stimulus package for 2007, you can add at least another $600 to your credits (or $300 if your sister was not your dependent in 2007).
Without receiving a 2007 stimulus package, you owe no tax. If you did not owe last year, you can file as "exempt" since you will not owe tax in 2008.
If you have already received a 2007 stimulus package for you and your sister, then you will owe less than $200 in tax. You can increase your allowances on your W-4 to the point where only this amount is taken out. Since you will owe a little tax, you are not eligible to write "exempt" on your W-4.
So, fill out your W-4 as head of household and "exempt" or perhaps 5 allowances if you are not exempt. |
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Judy1
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To file exempt, you'd be saying that you had to tax liability last year and do not expect to have any this year. With an income over $30K you are likely to have tax liability this year so you are most likely NOT eligible to file exempt. If you can claim your sister as a qualifying child though, you can claim four allowances on your W-4. |
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Steve
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You can only claim exempt if you had no tax liability when you filed your 2007 taxes. That means that you received all of your tax withholding back as part of your tax refund check.
If you are looking to "break even" when you file your 2008 taxes, prepare a mock tax return for 2008 using available information to see what your projected tax refund will be. Review IRS Publication 15 to see how you should change your W-4. |
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stephenweinstein
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No, you are not eligible. A person is eligible to file as exempt only if they expect a refund of all federal income tax withheld, in other words, only if the earned income credit is expected to equal or exceed their income tax for the year. This generally happens only if a person spends most of their income on mortgage interest and real estate taxes, but you do not own a house, so you have neither of those expenses. |
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efflandt
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From IRS Publication 505:
"You may have to pay a penalty of $500 if both of the following apply.
You make statements or claim withholding allowances on your Form W-4 that reduce the amount of tax withheld.
You have no reasonable basis for those statements or allowances at the time you prepare your Form W-4.
There is also a criminal penalty for willfully supplying false or fraudulent information on your Form W-4 or for willfully failing to supply information that would increase the amount withheld. The penalty upon conviction can be either a fine of up to $1,000 or imprisonment for up to 1 year, or both. "
You may also owe an underwithholding penalty if more than $1000 is due when you file taxes. Your call. |
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Jss
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Read about the allowances you should claim on W4: http://taxipay.blogspot.com/2008/02/filing-w4-employees-withholding.html |
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