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Ryliana
New Member

Does losing a child deduction have the effect of dramatically increasing taxes owed?

 
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AlanT
Expert Alumni

Does losing a child deduction have the effect of dramatically increasing taxes owed?

Yes, it could have a significant effect on your taxes. 

  1. You would lose the Child Tax Credit which can reduce your tax bill by up to $2,000 per qualifying child.  
  2. You would also lose Head of Household status if that is your only child.  Head of Household status gives you a bigger standard deduction and lower taxes.  
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Does losing a child deduction have the effect of dramatically increasing taxes owed?

3. Your EIC could change, since it is based in part on the number of children (up to 3 total).
4. You could lose the Child and Dependent Care Credit.
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