If im 16 years old and go to school part time and work part time and my parents claim me on their taxes can i be exempt om my w4 form?

[PeterM]

If another person can claim you as a dependent on his or her tax return, you cannot claim exemption from withholding if your income exceeds $1,050 and includes more than $350 of unearned income (for example, interest and dividends). See the discussion under Exemption from Withholding in Chapter 1 of Publication 505, Tax Withholding and Estimated Tax.

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

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