does the number of dependents you carry on your taxes affect your return?

Answer 1

Each additional dependent reduces your taxable income by $3300. If you are in the 10% tax bracket, this reduces your tax liability by $330.

If this dependent qualifies you to Head of Household filing status, this will further reduce your taxable income by $2400.

You may also receive $1000 per child dependent in Additional/Child Tax Credit.

If the dependent is a child, you could get more Earned Income Credit (EIC). EIC increases with number of child dependents with 2 children being the maximum amount you receive. If you have 4 dependent children, you will get the same EIC as if you have 2.

Note that most of the credit and deduction can only reduce your tax liability to zero. This means you can get all your tax withholding back but not more than that.

Earned Income Credit and Additional Child Tax Credit, if qualified, will let you receive the money beyond your tax withholding.

Best wishes.

Answer 2

You bet. If you are carrying the dependents all year than the feds don't take as much out in taxes. If you only carry 1 or 2 all year than you can end up with a bigger refund.

Answer 3

yes it does. On the front page of the form 1040 it asks how many dependents you are claiming. Then on the second page it will tell you how much each of those dependents will give you.

Answer 4

Absolutely.

Answer 5

Of course!