In 2014, the amount you can deduct (called an exemption) for a dependent on your tax return is $3,950. This amount usually increases each year. If you have two dependents, you can deduct $3,950 per dependent, for a total deduction of $7,900. If you have three dependents, the total deduction is $11,850, and so on. There is a limit, though. If you're a high-income taxpayer, your deductions for exemptions may be phased out.