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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16580
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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what is deduction in real dollars that you can claim for a

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what is deduction in real dollars that you can claim for a dependent relative on your tax return?

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

The exemption amount for a dependent is $3,800 for 2012 and $3,900 in 2013

Customer:

what does that mean?

Customer:

i can subtract that amount from my gross income, add it to my deduction? what? i am sorry i don't quite understand.

MyVirtualCPA :

It means that you can deduct that amount from your income

Customer:

so, 3800 is a standard deduction for a dependent relative?

MyVirtualCPA :

Yes, it's a standard deduction...

Customer:

yes

Customer:

i mean, thank you.

MyVirtualCPA :

You're welcome. Please let me know if you need anything additional

MyVirtualCPA :

If not, please take a moment to rate my response "excellent" so that I may receive credit for helping you today

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