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Level 1
June 6, 2019
Solved

Claiming dependent

  • June 6, 2019
  • 1 reply
  • 1 view
I put my dad as a dep. but it's not giving me what was calculated
Best answer by Marketstar

Your $4,050 dependent exemption is a reduction of taxable income (not subject to tax), not a dollar for dollar increase in your refund as is the dependent related Earned Income Credit.

For instance, if you are in the 10% tax bracket, and you claim one $4,050 dependent exemption, your refund will increase by about $400

1 reply

Level 12
June 6, 2019

Your $4,050 dependent exemption is a reduction of taxable income (not subject to tax), not a dollar for dollar increase in your refund as is the dependent related Earned Income Credit.

For instance, if you are in the 10% tax bracket, and you claim one $4,050 dependent exemption, your refund will increase by about $400