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Employee
June 1, 2019
Question

I had 4050$ for my children deduction but now it's gone all of a sudden?

  • June 1, 2019
  • 1 reply
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1 reply

DoninGA
Employee
June 1, 2019

The personal exemption for each dependent and taxpayer listed on your tax return is $4,050 each, for tax year 2016.  The personal exemption is not a credit or refund.  It is a subtraction from your adjusted gross income along with your standard or itemized deduction to determine your taxable income.

Personal exemptions are reported as follows -

  • Form 1040 Line 42
  • Form 1040A Line 26