- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I was filing my dependent’s info and previously it had told me an amount I would receive. Now it is not calculating the amount into my return.
Topics:
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I was filing my dependent’s info and previously it had told me an amount I would receive. Now it is not calculating the amount into my return.
Are you referring to the $4,050 dependent exemption?
The dependent exemption is a reduction of taxable income, not a dollar-for-dollar tax credit as is the dependent related Earned Income Credit.
For instance, if you are in the 15% tax bracket, your $4,050 dependent exemption will increase your refund (or decrease your tax bill) roughly $600.
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I was filing my dependent’s info and previously it had told me an amount I would receive. Now it is not calculating the amount into my return.
Are you referring to the $4,050 dependent exemption?
The dependent exemption is a reduction of taxable income, not a dollar-for-dollar tax credit as is the dependent related Earned Income Credit.
For instance, if you are in the 15% tax bracket, your $4,050 dependent exemption will increase your refund (or decrease your tax bill) roughly $600.