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| *Loan,banking and credit>>>child tax |
How much money do you recieve when you claim and child and a dependant on your taxes? |
How much money do you recieve when you claim and child and a dependant on your taxes? A dependency exemption let you subtract an extra $3300 from your income. If the child lives with you, you might be able to file as Head of Household - which as a lower tax table and a bigger standard deduction. If you paid for child care while you worked, you may be able to take a childcare tax credit. And there is also a child tax credit if the child lived with you. So....reductions in income, credits on taxes...all vary depending on your situation. PLUS - reductions in income will be worth more in actual dollar svaings if you're in a higher tax bracket. So "It depends on your situation" is the best we can do without knowing all your details. When you claim a child on your return it reduces your taxable income by $3,300 for 2006. What that's worth tax-wise depends upon your tax bracket. Anywhere from $330 to $1,155. It may also make you eligible for the Earned Income Tax Credit if your income is relatively low. That depends upon your income but can be a few thousand $$$ or just a couple of bucks. |
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