How much is a child’s tax deduction?
May 1st, 2010If parents lists x number of children on their tax return, how much money is deducted from their income for each child?
I’m not asking about the ,000 tax credit, child care tax credit, or how much a child can earn tax free.
What is the raw value of the tax deduction?
Replys
First off, it’s not a deduction but an exemption. Each exemption that you claim reduces your taxable income by $3,400 for 2007.
ya boston guy be right
The exemption, the amount that’s subtracted from your income for each child before taxes are calculated, is $3400 for 2007. It usually goes up a little every year.
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