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Claiming a child as a dependent does not give you "money" back. When you claim a child as a dependent, it reduces the amount of your taxable income by $4,050 for each dependent you claim in 2016. For example, say you have $40,000 in taxable income, if you claim your child as a dependent, your taxable income is reduced to $35,950. So instead of paying taxes on $40,000 in income you are now paying taxes on only $3,950 of income. If you have two dependents or exemptions, your taxable income would be reduced to $31,900, ($40,000-$4050-$4,050). That is how dependencies or exemptions work. They reduce the taxable income you pay taxes on which in turn results in a lower tax bill or possible refund.
Claiming a child as a dependent does not give you "money" back. When you claim a child as a dependent, it reduces the amount of your taxable income by $4,050 for each dependent you claim in 2016. For example, say you have $40,000 in taxable income, if you claim your child as a dependent, your taxable income is reduced to $35,950. So instead of paying taxes on $40,000 in income you are now paying taxes on only $3,950 of income. If you have two dependents or exemptions, your taxable income would be reduced to $31,900, ($40,000-$4050-$4,050). That is how dependencies or exemptions work. They reduce the taxable income you pay taxes on which in turn results in a lower tax bill or possible refund.
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