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My wife and I had another child in August of 2017 but did not change anything on her w-4. How much is each exemption worth?

Forum|Forum|7 years ago
June 6, 2019
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What is the estimated return for our new family member?

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Best answer by Opus 17

An exemption reduces your taxable income by $4050, this will equate a 15-33% tax savings depending on your total income. there is also a $1000 per child tax credit. So if you file jointly, and nothing else has changed, you would expect about a $2000 larger refund than last year.

DoninGA

Employee

The personal exemption for both of you and any dependent is $4,050 each. This amount is subtracted from your Adjusted Gross income along with either your standard or itemized deduction to determine your taxable income.

O

Opus 17Answer

Employee

An exemption reduces your taxable income by $4050, this will equate a 15-33% tax savings depending on your total income. there is also a $1000 per child tax credit. So if you file jointly, and nothing else has changed, you would expect about a $2000 larger refund than last year.