Can I File exempt on my W4? Will I owe or get a refund?

I am 25 with 2 dependents.

I barley worked this year. Maybe in total at the end of the year I worked about 5 months. The first 2 months I claimed exempt. I was making 13.75/he. I started back working in October and I have been claiming exempt as well and I’m making 13.50. I am trying to figure out will I get a refund from possible credits or if I will owe. The previous year I claimed 2 and I got a refund this year.

Thank you!

Update:

I am single and always file Head of Household. 

9 Answers

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  • 1 month ago

    You will likely be OK with that minimal income and 2 dependents.

  • 1 month ago

    You can file as exempt if tax due on your last return was zero BEFORE any withholding and you expect the same this year.

  • 1 month ago

    It makes no difference to the outcome of what you get back, if anything.

    Source(s): Certified Paralegal, with 25+ years' experience.
  • NA
    Lv 7
    1 month ago

    If you want a closer answer:

    1.  Total you did make during those 5 months (find your last pay stub).

    2. 

    List any other income and amount such as unemployment.

    3.  Okay, we take you at your word that you fulfilled the HOH tests, but please confirm are you single?  You two dependents, are they children, parents, what?  If children, what ages?

    • NA
      Lv 7
      1 month agoReport

      Then you could be eligible for EIC, the child tax credit and the Additional Child tax credit.  The EIC and ACTC are refundable, but do require earned income.

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  • 1 month ago

    i would call a tax place and ask them this question

  • martin
    Lv 7
    1 month ago

    You have to let them withhold something before you have any hope of a refund. Credits alone usually won't result in a refund. The refund is based on what the employer gave the government on your behalf.

  • Judy
    Lv 7
    1 month ago

    you should end up with enough credits to get a "refund" if both dependents are your eligible children.

  • 1 month ago

    By law, you can only claim 'exempt' if your tax liability was ZERO in the last tax year and you expect it to be ZERO in the current tax year.

    As you would be telling your employer not to withhold ANYTHING for Federal income tax, there would be nothing to refund. In the case you describe, you MAY not owe income tax at the Federal level.

    Your BEST bet is to buy an hour of time to talk to a tax professional.

  • 1 month ago

    If you know you won’t owe taxes it is okay to claim exempt on the w4.

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