Solved: How come when I claim my dependent I don’t get the amount you say I should get
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How come when I claim my dependent I don’t get the amount you say I should get

 
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Level 15

How come when I claim my dependent I don’t get the amount you say I should get

Some "Tax Breaks" are deductions (subtraction from income, before the taxes are computed), not tax credits or refunds. For example, the $4,050 Personal Exemption.

Some credits (such as the Child Tax Credit) can only lower your taxes due to zero.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

View solution in original post

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Level 15

How come when I claim my dependent I don’t get the amount you say I should get

Did the TurboTax announcement that you got a “tax break” confuse you?  You do not receive $4050 for having a dependent.  The "$4050 tax break" you saw means that since you have a dependent, $4050 of your income is "tax free."  Your "dependent deduction" lowers the amount of your income that you have to pay tax on. It is not a refund.
**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.**
Level 15

How come when I claim my dependent I don’t get the amount you say I should get

Some "Tax Breaks" are deductions (subtraction from income, before the taxes are computed), not tax credits or refunds. For example, the $4,050 Personal Exemption.

Some credits (such as the Child Tax Credit) can only lower your taxes due to zero.

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

View solution in original post

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