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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
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Answered in 1 minute by:
2/8/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
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?
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Customer reply replied 8 years ago
i file as single my income was 54,534.95
Tax Professional: Merlo, Accountant 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.
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Customer reply replied 8 years ago
can you give me a dollar range of how much i would get for the dependent
Tax Professional: Merlo, Accountant 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.
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Merlo
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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