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I have a question about my taxes. I answered some questions…

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Hi. I have a question...
Hi. I have a question about my taxes. I answered some questions for a company I was working for on their website (Robert Half) and I don't know what all this Tax stuff means. I am listed as exempt from 2 questions that they asked me on my W-4. It's the last line on the form number 7 that says I am exempt. What does this mean exactly and is it correct?
Submitted: 4 months ago.Category: Finance
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Answered in 1 minute by:
3/8/2018
Financial Professional: TaxRobin, Senior Advisor replied 4 months ago
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,221
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Financial Professional: TaxRobin, Senior Advisor replied 4 months ago

If you claim exemption from withholding, your employer will not withhold federal income tax from your wages. The exemption applies only to income tax, not to Social Security or Medicare tax.

You can claim exemption from withholding for the current year only if both the following situations apply.

  • For the prior year, you had a right to a refund of all federal income tax withheld because you had no tax liability.
  • For the current year, you expect a refund of all federal income tax withheld because you expect to have no tax liability.

Please let me know if you need more information.
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Customer reply replied 4 months ago
How do I know the answers to those two things? Hah sorry I'm not sure. I just hit yes for both of them bc yes sounded right.
Financial Professional: TaxRobin, Senior Advisor replied 4 months ago

Did you file a return last year for 2016?

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Customer reply replied 4 months ago
No I was going to do them this year. Still need to find a Tax person.
Financial Professional: TaxRobin, Senior Advisor replied 4 months ago

You need to change those answers. You are not exempt by the IRS definition.

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Financial Professional: TaxRobin, Senior Advisor replied 4 months ago

If you leave that you will owe for 2018 and then the IRS can set your W4 to Single and 0 for 3 years. Plus you will have a penalty for not having the withholding correct.

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Customer reply replied 4 months ago
Oh no ok. That will take out a lot of money though, like $75 a week! I only get paid 37k a year, is there anyway to make that amount lower? Or is it bc I claimed exempt last year that they are deducting so much this year? WIll I just owe now for last year? Sorry I don't know anything about taxes.
Financial Professional: TaxRobin, Senior Advisor replied 4 months ago

You claim what you are supposed to claim. If you are married list married and if you have a dependent claim the allowance but do not list exempt.

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Financial Professional: TaxRobin, Senior Advisor replied 4 months ago

If you claimed exempt for 2017 then yes you will owe. Do your returns so you can see for sure.

A positive 5 star rating is appreciated so I am credited for assisting. Thank you

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