The estimated amount of the savings will be the exemption amount times your tax rate. For example, if you were in the 15% tax rate then the refund estimate would be $600 for 2015 ($4000 x .15).
- The personal exemption for 2015 is $4,000, up from $3,950 in 2014
You should consider amending the returns for both 2015 and 2014. The deadline to amend the 2014 is the later of April 15, 2018, or two years after the tax due was paid (if applicable). You can use the instructions below to amend your returns. Be sure to read the information carefully before you begin because you must retain the original figures before you start the amendment process. Follow through with the state returns, if applicable, to see if you would also have savings there.
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