My wife and I had another child in August of 2017 but did not change anything on her w-4. How much is each exemption worth?

[chrisrosenthal19]

What is the estimated return for our new family member?

[DoninGA]

The personal exemption for both of you and any dependent is $4,050 each.  This amount is subtracted from your Adjusted Gross income along with either your standard or itemized deduction to determine your taxable income.

[Opus 17 · Accepted solution]

An exemption reduces your taxable income by $4050, this will equate a 15-33% tax savings depending on your total income.  there is also a $1000 per child tax credit.  So if you file jointly, and nothing else has changed, you would expect about a $2000 larger refund than last year.

[SweetieJean]

Under the new tax law, there will no longer be any personal exemptions starting in 2018.