Does anyone know what the amount of the tax credit is form claiming one child vs. two on your taxes?

Answer 1

Like someone said you get 3400 credit per dependent and 1,000 per child for the child tax credit. Also you get a credit for any day care/child care expenses if you qualify. Also if your income is less than 30,000 your probably looking at some money from EIC, again with EIC you will get more from claiming 2 children vs 1 child. Also check and see if you qualify for any additional child tax credit.

Only the EIC and the additional child tax credit are refundable credits which means money in your pocket. The rest just lower your tax liability.

Also If since you have a qualifying child you could file as Head of Household instead of single. That gives you a 7,850 standard deduction instead of 5,350 that you would have received if you filed single.

Answer 2

Insufficient data for an accurate response. A lot depends on your total income, age of children, and so on. The child tax credit is one thousand dollars per child if said child is undeer age 17; the EIC is based on your income and ages and status of children. If you wish to provide me with ages of children and your gross income I can give you an exact to the penny amount. Been doing taxes for 37 years with two college degrees and computer training, yada. Have a wonderful day.

Answer 3

You get a $3400 exemption and a $1000 tax credit for each child if you have that much tax liability - if you don't, then they would reduce your tax to zero and you'd get back everything that was withheld for federal income tax.

If you are eligible for the Earned Income Credit, having a second child will increase the amount, but the amount depends on your earned income so there's no way to say how much.

Answer 4

www.irs.com or even Yahoo Finance. . .

All the answers you could possibly want. . . and probably some you don't want.