How much do you get for carrying one child on your tax return?

I think what you're asking is "How much will my refund be if I claim one child?" If this is the case, then really there are too many factors involved to give you a straight answer. Tax rates vary depending on how much money you make and also the number and amount of deductible expenses you claim. The amount of tax deducted from your paychecks represents what you paid for the year, and depends also on the number of deductions listed on your W-4 (on file with your employer). All of these factors can and will change the amount of potential tax you owe, or the amount of refund you can expect to get back at the end of the year. Even if you claim a child (or other dependent), it doesn't necessarily mean you'll get a refund. Remember, a tax return is really just a reconciliation between what you paid, and what you should have paid. If you owe more, then you underpaid during the year; if you get a refund, then you overpaid during the year.

Simplified, the tax you owe is calculated based on how much income you made minus certain expenses, or deductions. Basically the benefit to claiming children (or other dependents) is that the deduction reduces the total amount of taxable income so you owe less tax. However, if you already allowed for the child in the number of deductions on your W-4, then you may have already paid close to the correct amount. When you file your tax return, you may still owe a little, break even, or get a small refund.

There are many qualified tax filers that will assist you in filing individual returns for a small fee. If you have any questions or concerns about your personal situation, then seek advice early. The tax deadline for filing in 2010 is Thursday, April 15.