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ansparks2016
New Member

I marked Exempt on my W4 form thinking as a student it would be the correct thing to do.

I am surprised to owe this amount.  Please recommend what I should do
1 Reply
jwwdgk
Returning Member

I marked Exempt on my W4 form thinking as a student it would be the correct thing to do.

Hello Ansparks2016,

Sorry to hear of your problem.

I'm including a link to an IRS page that might help you understand this. 

https://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-...

I see it truncated the address hope it still works.  If not, I searched "exempt on w4 student" on google and this was the first listing returned.  Anyway, being a student doesn't exempt you from owing federal taxes on your income.  So unfortunately, the tax you owe...is the tax you owe.  For future reference, file a new w4 and do not mark it exempt.  This way taxes will be taken out of each check (withheld) so you won't owe so much at tax time or maybe you would even get a refund- depends on how much is taken out.  

If you can't pay it all now, you can talk to the IRS re: options.

Hope this helps.  If I missed something or there is more to your question let me know.  jw

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