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    brit306's Avatar
    brit306 Posts: 1, Reputation: 1
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    #1

    Jan 3, 2007, 05:23 PM
    Dependents
    I was just wondering how much money you get back per child on taxes this year.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jan 3, 2007, 05:59 PM
    Depends on how much you make.

    Each child's exemption is a deduction of $3,300. If you are in the 10% tax bracket, that means $330 less in tax per child. However, each child under age 17 is also good for $1,000 Child Tax Credit.

    Plus, if you make less than about $32,000, your family will qualify for an Earned Income Credit.

    If your Adjusted Gross Income hits about $225,000, you begin to LOSE all the personal exemptions for yourself and the children.
    J_9's Avatar
    J_9 Posts: 40,298, Reputation: 5646
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    #3

    Jan 3, 2007, 06:00 PM
    What is the EIC amount this year?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Jan 3, 2007, 06:12 PM
    I cannot tell you that off the top of my head. It depends on:

    - Your total income.

    - How many children are involved.

    - Age of the children.

    - Your marital status.

    Provide that information and I can do a rough calculation.

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