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Ask Merlo Your Own Question
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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How much do you get back for claiming a dependent

Customer Question

How much do you get back for claiming a dependent
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.
Hello Latoya,

Do you file your return as single or married?

What was your total income for the year, including your spouse if you are married?
Customer: replied 8 years ago.
i file as single my income was 54,534.95
Expert:  Merlo replied 8 years ago.
Hello again Latoya,

If you are filing your return as single, you are given a standard deduction of $5,450 plus another personal allowance of $3,500. That leaves you with a taxable income of $45,584, which makes your top tax bracket 25%.

By claiming a dependent, that reduces your taxable income by another $3,500. Since your top tax bracket is 25%, that would result in a tax savings to you of $875.00.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.
Customer: replied 8 years ago.
can you give me a dollar range of how much i would get for the dependent
Expert:  Merlo replied 8 years ago.
Hello again Latoya,

As I stated in my earlier post, your income puts you in the 25% tax bracket. That means that by claiming one dependent, your taxes would be reduced by exactly $875.00.

You will not get anything extra for claiming a dependent, other than the fact that it reduces your taxable income by $3,500. And in your tax bracket of 25%, that means your taxes will be reduced by $875.00.

If this was helpful please press the Accept button.

Thank you.