when i file my 2007 taxes do i get back more money in my refund if i have more exemption?

Answer 1

Exemptions reduce your taxable income. That reduces your tax. Whether you get a refund or have to pay depends upon your tax liability and how much was withheld.

If you are talking about exemptions claimed on Form W-4, the more you claim the less tax is withheld. This would reduce your refund or increase your tax bill due depending upon how the numbers work out in your individual case.

Answer 2

If you mean more exemptions on your withholding the answer is no! If you mean more exemptions on your refund as in dependents, normally that would be true. There is some point at which you will zero out on your tax due and the number of exemptions beyond that will not make a difference. After three exemptions (unless you make a great deal of money) there is little effect on your return.

Answer 3

You will never get less of a refund with more exemptions. You may or may not get more of a refund. At some point depending on your income, additional dependents will make no difference.

If you have a dependent who can be claimed by you and also by someone else (such as another family member), it is smart for each taxpayer to figure taxes with and without the dependent to see how to get the biggest refund overall.

Answer 4

By exemptions, do you mean kids? There is a tax credit for each child. Don't make up exemptions - the IRS will know.

Answer 5

No, usually if you exempt more, you get more on your paycheck, not in your refund. Say if you claim yourself as married with dependents instead of married but withholding as single, you will net more money on your check.

Answer 6

Depends. Some means testing is in process today. So if you make over poverty level wages, you might not get extra credit. You have to be more specific.