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posted Jun 9, 2024 11:58:03 AM

How much money did I save by claiming a dependent in 2023 - my AGI was $111,000?

0 2 4758
2 Replies
Level 15
Jun 9, 2024 12:11:08 PM

Personal exemptions were removed from the tax code after tax year 2017.

 

If you had a dependent child under the age of 17, then you would be eligible for the $2,000 child tax credit on the 2023 tax return.

If you had a dependent child age 17 or older, then you would be eligible for the $500 Other Dependent tax credit.

Look at your Form 1040, Lines 19 and 28.  If there are amounts entered you received the credit on the 2023 tax return.

Level 15
Jun 9, 2024 1:34:36 PM

You have not told us if the dependent was a child under the age of 17 or if the dependent was someone else like a parent, sibling, GF or BF, etc.  If the dependent was your child, you may have received the child tax credit, maybe the childcare credit, education credit if the child was a college student.....we cannot give you an amount without more details from you.   We also do not know if claiming the dependent enabled you to file using Head of Household filing status instead of filing Single--which would affect your standard deduction.   Or---if you filed married filing separately, some credits are disallowed.