how much money do you recieve when you claim and child and a dependant on your taxes?

Answer 1

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.

Answer 2

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.