A dependent exemption reduces your tax by reducing your taxable income. For each exemption, you get a $4,050 deduction. Drop that dependent and you pay tax on $4,050 more income. If the child is 16 or under, you get a child tax credit worth up to $1,000 of your tax. Drop the dependent and you lose that credit.
June 4, 2019 4:05 PM
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