[ChaCha022]

I would just like to know approximately how much money you get back for claiming a child on your taxes?:)

[AtlantaTaxExpert]

It is NOT that simple.

It depends on your tax bracket and whether you qualify for the Child Tax Credit and/or the Earned Income Credit.

Each Exemption is worth $3,400 in tax deductions.

For someone in the 10% tax bracket, that means an increase of $340 in the tax refund, but such a person would also qualify for the $1,000 Child Tax Credit AND the Earned income Credit.

But if the child turned 17 in 2007, then the Child Tax Credit does NOT apply.

For someone in the 25% tax bracket, the $3,400 exemption reduces their taxes by $850, but they may make too much money to qualify for the Child Tax Credit. They DEFINITELY make too much money for the Earned Income Credit.

[jls1779]

You can go to hrblock.com and use the tax calculator to find out how much you can get back. Hope this helps.

[AtlantaTaxExpert]

Go ahead; the calculator may factor in the variables I mentioned.