1040 Tax Calculator - Calculate Taxes Due, Owed, Refund - Tax Calculator

AARP BULLETIN | on Fri, Mar 24, 6:00 AM

A dependent is someone you support and for whom you can claim a dependency exemption. In 2010, each dependent you claim entitles you to receive a $3,650 reduction in your taxable income (see exemptions below). In 2010, each dependent under the age of 17 also receives a tax credit of $1000. The credit is, however, phased out for at higher incomes.

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