how much you get off a child as dependent this year?

Question

how much is a person get back filing single with child as dependent? mainly how much should the child receive back from it like 1000 or more or less?

Answer 1

That depends upon your marginal tax rate. The higher your income the higher your tax rate and the greater impact any additional exemptions will have. For a single filer it could be as little as about $300 or as much as about $1,000.

Claiming an exemption for a dependent child may also allow the taxpayer to file as Head of Household which attracts a larger standard deduction. Again, the benefit depends upon income.

Lastly, a taxpayer with a qualifying child may be eligible for the Earned Income Tax Credit. The amount depends upon earned income and can be several thousand dollars.

You'll have to complete a tax return to know exactly what the impact is in your situation.

Answer 2

the "kiddie tax" in basic terms applies to UNEARNED earnings that's composed of interest on a economic organization account or something. you're earning this earnings with suggestion from working for it as an intern, so it counts as EARNED earnings. you would be required to checklist it on your individual earnings tax bypass lower back and your father ought to no longer checklist any of it. Your tax bypass lower back could have $12,000 of earnings. you gets a typical deduction of $5800 leaving you with $6200 taxable and a federal tax criminal duty of roughly $620. if your federal earnings tax withheld is greater valuable than that, you gets the version refunded as quickly as you checklist. If greater effective healthy withheld is a lot much less, you will owe the version as quickly as you checklist. be extensive wakeful: social protection and medicare withholding is separate. that's no longer area of the federal earnings tax withholding so it does no longer count selection selection in the direction of your federal earnings tax criminal duty and its below no situations refunded. the rule of thumb on your dad to declare you as a "qualifying infant" demands which you do no longer grant greater valuable than 0.5 of your individual help. take a glance at e book 501 and the help worksheets to make particular to fulfill this attempt and be arranged to teach it if your dad is audited.