I didn't realize filing exempt would result in having no federal taxes taken out, and I am concerned I am going to have to pay a lot back because of it.
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No, only because you amount owed can be decreased by a number of different deductions and credits, if you qualify for them. You can simply fill out all your information on TurboTax in order to figure out the amount owed and not necessarily file your return.
No, only because you amount owed can be decreased by a number of different deductions and credits, if you qualify for them. You can simply fill out all your information on TurboTax in order to figure out the amount owed and not necessarily file your return.
$10,000 on a W-2 filed by someone not claimed as a dependent results zero income tax.
In fact, you are not even required to file a tax return.
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