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How much do you get back for claiming a child

 
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6 Replies

How much do you get back for claiming a child

There is no set amount since it depends on too many factors.

How much do you get back for claiming a child

Some benefits you can count on by claiming children.
Tax Exemption - Each child you claim as a dependent gives you an exemption ($4,050) you can deduct from your taxable income.
Child Tax Credit - The Child Tax Credit is $1,000 per qualifying child.
Child and Dependent Care Credit - The credit is worth anywhere from 20% to 35% of your qualified expenses, up to $3,000 (for one qualifying person) and $6,000 (for two or more qualifying persons). Your percentage depends on your AGI, with the higher percentages applying to lower incomes and vice-versa.
Earned Income Credit - Although someone who has no children can get $$$ back with the Earned Income Tax Credit, it primarily benefits people with children.

How much do you get back for claiming a child

Not necessarily "count on" ... the tax exemption is useless if you your income it low ... same thing with the CTC ... make too little or too much  & you don't get any and hit anywhere in between the credit can be phased out.   The Child care credit is limited to your tax liability and your earned income.  So like I said originally there is no set amount ... compute the return to see what you are eligible to get.
Baker85
New Member

How much do you get back for claiming a child

I made 15,000 with 1 dependent how much am I bring home.

How much do you get back for claiming a child

Your refund is not broken down by how much you "get" for each dependent.  

There are several child-related credits you *may* get if you have a dependent child.

You might be getting the Child Tax Credit--that is not all a refund--it lowers the tax you owe, up to $2000 per child, but if you do not owe tax then you may not get the full amount of CTC.  In some cases, you could qualify for the "Additional Child Tax Credit" which is a refundable credit, and would increase your refund.  If you qualify for this credit, TurboTax calculates and automatically adds it to your refund.

You might be able to claim the child and dependent care credit if you paid someone to take care of your child so you could work. This is not a refundable credit, so it will not be in your refund.  It can lower the tax you owe.

You might qualify for Earned Income Credit, which is a refundable credit if you worked and earned income. The EIC is based on the amount you earned.  If you do qualify for EIC, TurboTax automatically calculates the amount and adds it to your refund.

Look at your 2018 tax return to see the child-related /dependent credits you received:

Child tax credit line 12a

Additional Child Tax Credit line 17b   (schedule 8812)

Credit for Other Dependents line 12a

Earned Income Credit (EIC) line 17a

Child and Dependent Care Credit line 12     (comes from Schedule 3 Form 2441)

 

The dependents you listed are on the first page of your Form 1040 below your address.

 

https://ttlc.intuit.com/questions/1900923-what-is-the-child-tax-credit

https://ttlc.intuit.com/questions/1900643-what-is-the-child-and-dependent-care-credit

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-e...

https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant

https://ttlc.intuit.com/questions/4499708-what-is-the-500-credit-for-other-dependents-family-tax-cre...

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Hal_Al
Level 15

How much do you get back for claiming a child

@Baker85  - Simple answer: $4861. ($1400 additional Child tax credit + $3461 EIC). That assumes your $15,000 of income was all W-2 wages and not self employment/odd job or 1099-Misc income.

 

But taxes aren't simple, as you can tell from the other replies. So, "it depends".

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