September 7th, 2010 
admin 2006 federal tax return estimate
Who can estimate what a dependant will add to my tax return?.
Hi. I am getting a bit anxious as tax season arrives and we are trying to estimate our return before we go into the accountant. I file joint with my wife and we net ~200K. The deductions i have will be identical to the ones I had last year. Last year we got back $6800 from federal and $1500 from state (CA). This year is our turn to claim my step-son as a dependant and we also added another dependant with our first child in Feb of 2006. Based on my last year return, what should I count on bringing in with the two added dependants? Will my return be much larger? Thanks for your help.
From your information, your income is too high to get the $1,000 child tax credit.
You are not in the phaseout range for the dependency exemptions, so you have an additional reduction of $6,600 from your taxable income. Your marginal tax rate is 33%, so the dependency exemptions reduce your tax by $2,200.
So if everything else in your return stays the same as last year, you could get an additional $2,200 back.
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