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Member

Claiming dependents

Hello. I am not sure if this is the correct board but I have a question about claiming dependents on my taxes so I owe a little bit on my taxes. Right now I claim 1 and get a refund. I played around with the online calculator and if I changed to 0, I will get a slightly higher refund but anything between 1-10 resulted in the same amount. What did I do wrong? Thanks for the help!
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Accepted Solutions
Catalyst V

Claiming dependents

2018 tax reform  There is no longer a reduction(4,050 per person)to your Income for dependents. There is going to be a temporary credit of $500 per person not covered by the child tax credit. ie a spouse or parent you support. 

 If the w-4 allows you to add a % or $ additional payment from each check use that.

 

2 Comments
Catalyst V

Claiming dependents

2018 tax reform  There is no longer a reduction(4,050 per person)to your Income for dependents. There is going to be a temporary credit of $500 per person not covered by the child tax credit. ie a spouse or parent you support. 

 If the w-4 allows you to add a % or $ additional payment from each check use that.

 

Member

Claiming dependents

Ok, thank you!
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