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ecoker4
New Member

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.

 
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Marketstar
Level 7

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.


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1 Reply
Marketstar
Level 7

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.


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