Claiming dependents

TaxHelp · ‎June 10, 2018

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!

Bees · ‎June 11, 2018

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.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

View solution in original post

Bees · ‎June 11, 2018

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.

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

TaxHelp · ‎June 11, 2018

Ok, thank you!

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Claiming dependents