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armyspilios
New Member

I had 4050$ for my children deduction but now it's gone all of a sudden?

 
1 Reply
DoninGA
Level 15

I had 4050$ for my children deduction but now it's gone all of a sudden?

The personal exemption for each dependent and taxpayer listed on your tax return is $4,050 each, for tax year 2016.  The personal exemption is not a credit or refund.  It is a subtraction from your adjusted gross income along with your standard or itemized deduction to determine your taxable income.

Personal exemptions are reported as follows -

  • Form 1040 Line 42
  • Form 1040A Line 26
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