How much do I get to deduct for a dependent?

In 2015, the amount you can deduct (called an "exemption") for a dependent on your tax return is $4,000. This amount usually increases each year.

If you have two dependents, you can deduct $4,000 per dependent, for a total deduction of $8,000. If you have three dependents, the total deduction is $12,000, and so on.

There is a limit, though. If you're a high-income taxpayer, your deductions for exemptions may be phased out. This means that at a certain income, you can't take the full deduction of $4,000 per dependent in 2015. At even higher incomes, the deduction amount for your dependents is zero.