If parents lists x number of children on their tax return, how much money is deducted from their income for each child?
I'm not asking about the $1,000 tax credit, child care tax credit, or how much a child can earn tax free.
What is the raw value of the tax deduction?
2007-09-17 13:34:43 · 3 answers · asked by Dee 1 in Business & Finance ➔ Taxes ➔ United States
First off, it's not a deduction but an exemption. Each exemption that you claim reduces your taxable income by $3,400 for 2007.
2007-09-17 13:41:08 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The exemption, the amount that's subtracted from your income for each child before taxes are calculated, is $3400 for 2007. It usually goes up a little every year.
2007-09-17 20:50:21 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
ya boston guy be right
2007-09-17 20:42:02 · answer #3 · answered by Zazzare 2 · 0⤊ 0⤋