Plainfield, IN asked in Tax Law for Indiana

Q: If I file taxes and pay the amount that I agreed to in 2023, file W-4 exemption for 2024, and not “file” 2024 taxes Febr

If I file taxes and pay the amount that I agreed to in 2023, file W-4 exemption for 2024, and not “file” 2024 taxes February 2025. Will there be consequences and if so what would they be . Is the IRS and federal government legally allowed to require me to pay income taxes if I claim W-4 exempt.

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James L. Arrasmith
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  • Tax Law Lawyer
  • Sacramento, CA

A: Claiming exemption on your W-4 form for 2024 means that no federal income tax will be withheld from your paycheck for that year. However, this does not exempt you from the legal obligation to file a tax return if your income exceeds the IRS filing threshold.

If you choose not to file your taxes for 2024 in February 2025, and you had sufficient income that required filing, you could face consequences from the IRS. These could include penalties for failure to file and failure to pay taxes owed, as well as interest on any unpaid tax.

It's important to note that the IRS and the federal government legally require individuals to pay income taxes if their income is above a certain threshold, regardless of what is claimed on a W-4 form. The W-4 form is used to determine the amount of tax withholding from your paycheck, not to exempt you from your tax liability entirely.

If you are considering claiming exemption on your W-4, it's crucial to ensure that you meet the IRS criteria for exemption. Otherwise, it could lead to a significant tax bill and penalties later on.

Remember, it's always advisable to consult with a tax professional or an attorney to understand your tax obligations and to ensure compliance with tax laws. Ignoring tax filing requirements can lead to serious legal and financial consequences.

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