like if i was to claim my parents and my brother..who are not working and i do support them..about how much would i get back..i know it depends but i heard it was like 1,000 a person..is that true or bs..
2007-12-08 09:42:57 · 4 answers · asked by slugger_330 1 in Business & Finance ➔ Taxes ➔ United States
Before you can claim someone they have to be your dependent. You would not "get back" anything, the exemption would reduce your tax liability by your marginal tax rate times the exemption amount of $3,400. The two most common top marginal rates are 15% and 25%. If your top marginal rate was 15% this would reduce your tax due by $510. At a 25% rate it would reduce your tax by $850. If you had paid in more in withheld tax than you owe, it would increase your refund by those amounts.
2007-12-08 09:49:43 · answer #1 · answered by Anonymous · 2⤊ 0⤋
It would only be $1000 each if you are in a very high tax bracket. You get a $3400 exemption for each dependent you claim - the tax savings is that amount times your tax bracket.
2007-12-08 22:11:16 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
if you want to get it all back,
put in 3 dependents.
also, check the W9 you wil out for
with holding and see where it
says "total number of dependents"
or amount withheld that you want
withheld--put in "nothing withheld
or whatever the document wants
such as EXEMPT."
I did it for 9 yrs and had only social
security removed.
2007-12-08 17:49:18 · answer #3 · answered by kemperk 7 · 0⤊ 3⤋
it usually a grand per dependent
2007-12-08 17:50:25 · answer #4 · answered by HEman 1 · 0⤊ 2⤋