2007-02-26 14:08:45 · 6 answers · asked by Prince M 1 in Business & Finance ➔ Taxes ➔ United States
That depends upon your tax bracket. You get a $3,300 reduction in your taxable income for each exemption. Depending upon your income, that could be worth between 0 and $1155 in tax reduction.
You would also qualify for the Child Tax Credit. That credit is worth $1,000 but it can only reduce your tax liability to $0 so it's value depends upon your tax liability. If your tax liability is $0, it's worth nothing.
You might also qualify for the Earned Income Tax Credit. Again, the value depends upon your earned income. It would be worth anything between $0 and $2,747.
So, having a child could bring you absolutely nothing. Or as much as about $4,000. It all depends upon your individual tax situation.
2007-02-26 14:20:17 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Depending on your income, other exemptions, and other adjustments or deductions, you get somewhere between zero and around $2000.
You get a $3300 exemption for each child, and a $1000 child tax credit, but if you already don't owe taxes, these don't save you anything. If your total tax is greater than zero, then they will cut your tax bill.
Having a child can also make you eligible for the earned income credit, depending on your income.
2007-02-26 14:31:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Upto $4,000 see kids tax
2007-02-26 15:24:46 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You get a $3300 deduction and a $1000 credit per kid.
2007-02-26 14:13:55 · answer #4 · answered by Anonymous · 0⤊ 2⤋
i got 5000$ for twins
so why am i getting thumbs down for telling you the facts I got EIC, about five thosand dollars. what the hell is wrong with that!! i deserve it for 9 months of torture you crapheads......
2007-02-26 14:16:07 · answer #5 · answered by Anonymous · 2⤊ 5⤋
like 3 g's per kid
2007-02-26 14:12:58 · answer #6 · answered by erik g 1 · 0⤊ 4⤋