You get a $4050 dependency exemption which is subtracted from your AGI along with your own personal exemption and standard deduction to determine how much of your income is taxable. If your child is under age 17 are year end you may qualify for $1000 of child tax credit or up to $1000 of child tax credit and additional child tax credit in total if you had at least $3000 of earned income. You may qualify for earned income credit. The amount depends on your income and filing status.
