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Klonopin is used to manage anxiety and panic, as well as to control epilepsy and seizures in multiple types of patients. Xanax has only one use: to help control anxiety. Klonopin is prescribed by a wider range of doctors because it can manage a wider range of medical conditions. However, if you take Klonopin when you're diagnosed with depression, it can intensify your depressive symptoms. Also, depression can be a side effect of withdrawal. So, yes there is a link between Klonopin and depression.