Can home owners FILE EXEMPT?

What is the name of your state? VA

Or do you have to make a certain income?

A little more help here ... exempt of what?

oops... income taxes. I hear if you make under 50k a year..you can actually file exempt on taxes.

This is only true if the Easter Bunny prepares your return and several more obscure exceptions.

irsos said:

This is only true if the Easter Bunny prepares your return and several more obscure exceptions.

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You don't own do you? Its either a YES OR NO QUESTION.

Mrdby said:

You don't own do you? Its either a YES OR NO QUESTION.

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Someone around here can't take a hint...

No, you're wrong. It is the Easter Bunny who is exempt, not the people for who the Easter Bunny prepares their taxes. The exceptions you referred to were removed many years ago. The only one which I recall that remains is the "I forgot to pay my taxes." exception. If the IRS comes calling, just tell them you forgot this year and that you'll catch them next time around.

Mrdby said:

oops... income taxes. I hear if you make under 50k a year..you can actually file exempt on taxes.

Click to expand...

If you file exempt on your w4 and are not, you will be liable for not only the taxes you do owe but fines and penalties for not paying taxes on a timely basis.

You might want to get a new battery in your hearing aid (so as to hear things correctly) or quit listening to the person that is going to cost you hundreds of dollars in penalties and fines.

justalayman said:

If you file exempt on your w4 and are not, you will be liable for not only the taxes you do owe but fines and penalties for not paying taxes on a timely basis.

You might want to get a new battery in your hearing aid (so as to hear things correctly) or quit listening to the person that is going to cost you hundreds of dollars in penalties and fines.

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Thanks for a decent response.

He did prove one thing; there is a such thing as a dumb question.

Of course the good news for you is, if they do ever exempt the first $50,000 of income from taxation, you will have a lifetime exemption from taxes, with plenty to spare.

Here's the info from the IRS web site:

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

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