Can I claim exempt from taxes?
State: New York
Age: 21
Status: Single -Mom Claim Me =D
Education: College Student
So far I had made $3,000.00 and last year $1,200.00
Past week I put on my taxes single, 1... But my mom is the one who claims me and get the money so should I file exempt from taxes? HELP ASAP! =/
Best Answer
EXEMPT!
You still qualify for the standard deduction, which is $5,700 (meaning you can make that much and not pay tax).
Some tax planning advice, if you end up making more than this threshold, tell your mom to not claim you because you can earn an additional $3,650. In other words, you can make up to $9,350 if your mom doesn't claim you.
Since your a college student, you may qualify for additional tax credits that the gov't will pay you for. Also, uncle sam is giving working credits out for poor people (earned income credit, making work pay credit, etc). So you are in good shape.
Tax is pretty complicated. If you end up making more than the $9,350 threshold, just tell your employer you'd like to change your exemption status.
Just a tid-bit from uncle sam to tell you if you really will qualify. Although, they don't tell you if you'll receive a refund for this year.
http://www.irs.gov/individuals/article/0…Source(s):
CPA
