How much do you get back on taxes...?

Question

Does anyone know how much you get back on your tax return when you have a child? Me and my friends are having a debate and I wanted to know if anyone knew? Thanks!!!

Answer 1

Based on the facts you present it is obvious you would get back nothing or something or break even.

Answer 2

You'd probably save somewhere around $350 in tax because of the exemption, and get the full $1000 child credit, so you'd save somewhere around $1350 in taxes.   You'd be over the limit for EIC.

This assumes a joint return, that this would be your only child, and that you don't have any credits and take a standard deduction.