Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
michelle19760
New Member

Im a little confused it said, i would get 8,000.00 something for my children another 2100.00 for earned income, but my refund said 3,195.00 why?

 
1 Reply
Marketstar
Level 7

Im a little confused it said, i would get 8,000.00 something for my children another 2100.00 for earned income, but my refund said 3,195.00 why?

Your $4,050 dependent exemption is a reduction of taxable income (not subject to tax), not a dollar for dollar increase in your refund as is the dependent related Earned Income Credit.

For instance, if you are in the 10% tax bracket, and you claim two $4,050 dependent exemptions ($8,100 total), your refund will increase by about $800.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v