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Returning Member
posted Mar 20, 2025 7:21:54 AM

W2 question

My tax preparer put me down as exempt 01. Does that mean I am exempt if my parents don’t claim me anymore? This is the first year where I am not claimed anymore.

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1 Replies
Level 15
Mar 20, 2025 7:33:27 AM

Not being claimed as someone else's dependent does not make you exempt from paying tax.   If you earned less than $14,600 then you will not owe any tax if you were a W-2 employee, but you can still file a tax return to seek a refund if there are any amounts in boxes 2 or 17 of your W-2.   If you had any self-employment income of even $400, you are required to file a tax return and pay self-employment tax for Social Security and Medicare.