I was just wondering how much you get back for having a child on your taxes. I just had a baby this year, and everyother year I have done the 1040 EZ, and now I am having to do the 1040, and I was just wondering. Thanks
2007-11-29 03:26:09 · 3 answers · asked by parissweetheart1203 2 in Business & Finance ➔ Taxes ➔ United States
A dependent entitles you to an additional $3400 expemption plus possibly a $1000 tax credit and/or the earned income credit. However, it does not guarantee you a refund.
Without knowing your entire tax situation it is impossible to give you an exact answer.
2007-11-29 03:30:54 · answer #1 · answered by Wayne Z 7 · 3⤊ 3⤋
It depends on what your income is. You'll get an exemption of $3400 subtracted from your income before your tax is calculated. Then if you have any tax liability, you'll get a child tax credit which will wipe out up to $1000 of your taxes. Then, again depending on your income, you might get an earned income credit.
2007-11-29 14:42:10 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
The amount of money you get back for a child depends on how much you make.
I usually get back $3,000.
2007-11-29 11:33:52 · answer #3 · answered by It's Just Me 4 · 0⤊ 1⤋