2007-12-25 08:55:38 · 4 answers · asked by kinghood3000 1 in Business & Finance ➔ Taxes ➔ United States
You get an exemption of $3400, which might cut your taxes by around $500 if you're in a 15% bracket. If the dependent is an eligible child, you might also get some credits for him or her.
2007-12-25 08:58:56 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
I'll bet the person has heard they get lots of money for having a dependent....
In order to qualify for EIC, you must have a qualifying child. Among other things that QC must live with you for more than 6 months out of the year; not provide more than half of his own support; and must be under 19 or under 24 and a full time student.
2007-12-25 17:01:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
For each personal exemption claim including yourself, spouse, and children you get $3,400 each for your 2007 taxes.
2007-12-25 17:28:17 · answer #3 · answered by Gary 5 · 0⤊ 1⤋
18 yrs of headaches
2007-12-25 17:02:22 · answer #4 · answered by John B 1 · 0⤊ 2⤋