I claim exempt for 3 months, will I get penalized?
It depends on whether you will end up owing at the end of the year when you file your tax, and if so, how much. If you owe $1000 or more, you might have to pay penalties in addition to what you owe. It is illegal to claim exempt at all if you expect to have ANY income tax liability for that year, or if you did for the year before, and you can be fined for claiming exempt when you aren't.
What happens if i go exempt for 6 months and the other 6 i go 0 dependents and single?
When your check is $2100 they with-hold as if you're earning this amount on every check for the entire year. It sounds like you need it with-held. They with-hold more because you're earning more and will have to pay more taxes at the end of the year. What you are suggesting is dangerous because you could come up very short at the end of 2007 and wind up paying penalties if you're more than 10% short on your with-holding. Before you make a decision do your 2006 taxes and determine how much you're getting back. That will help you decide if you should leave well enough alone or have a little less deducted. Don't ask for trouble. Make necessary changes but do it cautiously. There are several options. You can decide how much you want deducted and then fill out a form for your employer or you can look at the tax with-holding tables and pick the number of exemptions (married or single) that matches the amount you want deducted. It isn't required that you be married to have your deductions in the "married" category if that's what you need. Whatever you do... DON'T GUESS!
What are the penalties for claiming exempt on your income taxes and then not filing a return for several years?
There may be perfectly legitimate reason for claiming an exempt status. According to Employee's Withholding Allowance CertificateIf an employee qualifies, he or she can also use Form W-4 to tell you not to deduct any federal income tax from his or her wages. To qualify for this exempt status, the employee must have had no tax liability for the previous year and must expect to have no tax liability for the current year.If you have no tax liability and do not have to file a return, there is no penalty at all, it is only if you are committing fraud that you have a problem.
CLAIMING EXEMPT TO GET NO TAXES TAKEN OUT ON YOUR CHECK!?
What you should have done is increase the number of your allowances on your W4. However, this also has its pitfalls because if you underwithhold, you have to come up with the money in April, and you may owe additional penalties and interest if the amount of underwithholding is significant. Exempt is only for people who know they won't earn enough to have to file a return. _
Can I temporary file exempt on my taxes without penalties?
Someone told me that you could file exempt for 2 months out of the year without it messing up what you could owe or get back at the end of the year. Is this true? Could you give me details please? I live in Georgia if this helps.
How long can i file exempt for without owing any money? 3 months , 6 months?
I just started claiming exempt on 1/27/2017 ;i'am single. i get paid weekly about $17hr and Over time about $25. I Have been working 56 to 54 hours a week. How long can i file exempt for without having to pay taxes?
Should I file my W-4 as tax exempt to maximize the interest on my savings and then pay all my taxes at the end of the year? Is there an advantage to that?
If you expect to owe taxes, you may not claim to be tax exempt on your W-4, without perjuring[1] yourself.Read the fine print (actually, it is not all that fine).[2]Footnotes[1] Perjury - Wikipedia[2] https://www.irs.gov/pub/irs-pdf/...