filed exempt on w4 and shouldn't have

Forum|Forum|5 years ago
May 14, 2021
1 reply
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I'm 17 and entered exempt on my w4 because I didn't think I would earn more than 10K. once I discovered I was going too, I tried to change my W2 but my employer wouldn't change it right away because they were changing payroll systems. I ended up earning over $15K but my W2 says less than $1K. What do I do to make sure I pay the correct taxes?

ErnieS0

Level 15

Filing a tax return is the way to pay the correct amount of tax. If you did not withhold enough, you will have to pay the difference when you file your tax return.

If I understand your question, you made $15,000 and had $1,000 in tax withheld. If that's the case, you should still get a refund.

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kidelawAuthor

Level 2

no, he made 15K but his w2 only lists 900 as his federal taxable income. Is his w2 wrong and if so what do I do given there is no time to fix it and if it is correct, then how to I make sure he pays taxes on the $15K and not the $1K

ColeenD3

Level 15

What is in Box 1 of his W-2? If it is $15,000, remember that he is entitled to a standard deduction, even as a dependent. if the amount in Box 1 is incorrect, you will need a corrected W-2. The amount that is entered on the tax return must match what the IRS receives.

Dependents – If you can be claimed as a dependent by another taxpayer, your standard deduction for 2020 is limited to the greater of: (1) $1,100, or (2) your earned income plus $350 (but the total can't be more than the basic standard deduction for your filing status). Single under age 65-$12,400.