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Asked by: minchk
Steve D on Jan 17, 2013
Depends on your tax rate – for each child you get an exemption of $ 3,800 – so if you had 1 child and were in the 10% tax bracket, you would get an extra $ 380 back in taxes (maybe more depending on other factors such as earned income tax credits, etc.).
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Hannah on Jan 17, 2013
In 2012, you can claim a $ 3,800 exemption for each qualifying child, which may include your child or stepchild, foster child, sibling or step-sibling, or descendants of any of these, such as your grandchild. To qualify for the exemption, the child must live with you more than half of the year and be under 19 at the end of the year, or under 24 and a full-time student for the year (defined as attending school for at least part of five calendar months during the year).
htm182111 on Jan 17, 2013
Could you provide more details? Your gross income, your status, how many children, how old are they?
Bobbie on Jan 17, 2013
1 QC dependent exemption would mean 3800 free of federal income tax during the 2013 tax filing for that purpose and time in your life and when your income would be in the 10% marginal tax rate bracket amount during the 2013 tax filing should reduce your FIT liability by 380 at that point in time during the 2013 tax filing season.
Hope that you find the above enclosed information useful. 01/16/2013
Bash Limpbutt's Oozing Cyst© on Jan 17, 2013
You don’t. The tax benefit of claiming a child can range from $ 0 to a few thousand dollars depending upon your individual tax situation.
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