Does anyone know how much a child is worth for the income taxes when you claim them?
That depends upon many factors, there is no fixed answer. First off, your marginal tax rate comes in to play. That can vary from 10% to 35%. So the value of an exemption would range from $330 to $1,155.
The other implication is your eligibility for the Earned Income Tax Credit, a refundable credit for lower income wage earners. If your income is within certain limits, having one or more children can lead to EITC payments that can be as high as several thousand dollars. |
