<p>Hopefully you guys can help me, I'm really confused right now. I just got a lot of tax forms along with my work study papers. W-4 "employee's withholding allowance certificate" and IT2104, since i live in nyc. I don't really undertand what they are for. Does this mean that I won't have to pay taxes? I'm 19, eligible for $2,200 in work study, and will probably be claimed as a dependent on my parent's tax forms. Should/can I file the withholding tax forms, and does this actually benefit me? Thank you.</p>
<p>I need help on this too. How many withholding should you claim?</p>
<p>Complete lines 1-4 and write EXEMPT in line 7.</p>
<p>But um on the W-4 form it says, "Note: you cannot claim exemption from withholding if a) your income exceeds $800 and includes more than $250 of unearned income and b) another person can claim you as a dependent on their tax return." </p>
<p>So, my federal work study will probably be around 2,000 but doesn't include unearned income. can i still file for exemption?</p>
<p>Sorry, and thanks for all your help guys!</p>
<p>That depends on what the meaning of "and" is. What do you think?</p>
<p>"But um on the W-4 form it says, "Note: you cannot claim exemption from withholding if a) your income exceeds $800 and includes more than $250 of unearned income and b) another person can claim you as a dependent on their tax return.""</p>
<p>Does that mean you can claim '1' exemption or '0' exemption? I heard it was better to claim '1' if instead of '0' because of less taxes?</p>
<p>I think you mixing up the terms "allowances" and "exemptions". Look at the form closely.</p>
<p>ummm.... arnt they the same thing but different words? Are there any differences?</p>
<p>Thanks dt123. </p>
<p>133 - exemption means you wont get taxes deducted from your paycheck at all. Allowances are used to calculate how much taxes they deduct from your paycheck. Just follow the worksheet for allowances. It's probably 1.</p>
<p>And remember that the number of allowances you declare on your W4 doesn't affect the amount of income tax you pay. It just affects the amount of your pay that is withheld from each paycheck for income tax purposes. Withold more each payday, and pay less (or get some back) come tax filing time. Withold less each payday, and pay more at tax time.</p>
<p>And since you mentioned work study -- remember that work study income doesn't count against you for FAFSA purposes.</p>