Your refund is affected in a big way by the amount of income you earned. If you had a small income, your refund is also likely to be small.
Your refund is not broken down by how much you “get” for each dependent.
Each dependent gives you a personal exemption of $4050, which lowers the amount of your income that you are taxed on. It is not a refund.
What We Can Teach You About Getting Money For Your Dependent Child
- There are several child-related credits you *may* get if you have a dependent child.
- You might be getting the Child Tax Credit–that is not a refund–it lowers the tax you owe, up to $1000 per child, but if you do not owe tax then you may not get the full amount of CTC.
- In some cases, you could qualify for the “Additional Child Tax Credit” which is a refundable credit, and would increase your refund.
You might be able to claim the child and dependent care credit if you paid someone to take care of your child so you could work. This is not a refundable credit, so it will not be in your refund. It can lower the tax you owe.
Visit our office today to speak with a Generational Wealth Specialist for more information on this.
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