- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
When you claim your son as your dependent, the IRS gives you a $4,050 exemption for 2016. This $4,050 reduces your taxable income by $4,050. So, as an example, let's say you have $40,000 of taxable income that will be taxed, after the $4,050 exemption for your son, you will only have $35,950 of your income subject to taxes. This means that by claiming your son, you will either owe less in taxes or be getting a larger refund. It is impossible for me to tell you exactly how it will affect you without me being able to see your numbers, but I can tell you that it is an additional benefit to you.
‎June 4, 2019
2:55 PM