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Level 1

Question

How do I know how much I got back for one dependent?

Forum|Forum|7 years ago
June 1, 2019
1 reply
32 views

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TurboTax Free Edition Online

A

Anonymous

The way you measure the benefit of claiming one dependent on your income tax return is by what's called an exemption amount. For 2016, one dependent/exemption is worth $4,050. The way one exemption works is to reduce a person's taxable income by $4,050. For example, if you had $30,000 in taxable income with one exemption for yourself, one exemption for your wife, and one exemption for a child, that would be three exemptions worth $4,050 each, or $12,150 for all three. Now, instead of being taxed on that $30,000 of income you would be taxed on $17,850, ($30,000 - 12,150).

If you want to see the exemptions on your 2016 Form 1040, look on Line 42 or your 1040 A, Line 26.

angelicbrownies

Level 2

The question asks how much they got back. Not how much they didnt pay