How much do I save on taxes by claiming a dependent?
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You have not provided enough information. If you have a qualified child dependent then you can get several child-related credits like earned income credit, child tax credit and the dependent care credit. If your dependent is an adult or qualified relative then all you "get" is a $500 credit for other dependents.
And.....the child-related credits are calculated based on how much you earn from working, so there is no "set" amount that you may get.
Provide some details.
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://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
You have not provided enough information. If you have a qualified child dependent then you can get several child-related credits like earned income credit, child tax credit and the dependent care credit. If your dependent is an adult or qualified relative then all you "get" is a $500 credit for other dependents.
And.....the child-related credits are calculated based on how much you earn from working, so there is no "set" amount that you may get.
Provide some details.
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://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
I would be claiming my girlfriend that lives with me. She has been listed at my address for 12 months.
Being able to claim a dependent means you can access certain deductions and credits which ultimately can reduce your taxes.
These credits are:
There are rules regarding whom you can claim as a dependent and income limitations on some of the credits. Here is a link which provides more information on this
Do you only get the credit for your federal taxes or state as well?
@dan_p44 There are 37 states with a state income tax. The tax laws vary in all of those states. Your information flows from your federal return to your state return when you use TurboTax, so if you are eligible for any sort of state credits for claiming a dependent the software will address those credits on the state return.
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