Do you receive any type of credit for having a child in the 2006 calendar year other than the child tax credit

Question

I had my son in August and had heard about getting extra on your returns for the first year of having a child. I was wondering if this is true how much it usually is and what it is called.

Answer 1

Depending on your income, if it is low enough you may qualify for the Earned Income tax credit. One of the criteria for this is the number in the family. It is possible for families with very low income and no tax liability at all to actually receive a refund of up to about $4300 using this credit.

Answer 2

You can claimthe child tax credit, as well as having another deduction for your taxes. Example:

You and your husband filed last year with 2 deductions. That came to about 7500 for both of you.

Now you've added a third. That takes it up another deduction, and you add taht to the 7500.

At the same time, depending on your income, you may be eligible for the Earned Income Tax credit. That's a nice chunk of change too.....

Answer 3

Child tax credit, credit for child care expenses if you have them,and an exemption for the child.

The child might make you eligible for Earned Income Credit - income limits are higher for that if you have a child than if you don't, plus you can claim it at a younger age.

There's no special credit for the first year, except maybe for some of your medical expenses if they weren't reimbursed and exceeded 7.5% of your income.

Answer 4

There is the earned income credit if you don't earn a lot of money and some states allow you to write off un-reimbursed medical expenses. There is also a childcare credit, so if you utilize daycare you can write that off too.

Answer 5

you could declare the baby tax credit for toddlers decrease than 17 years of age on the top of the twelve months for which you're submitting your taxes. in case you declare extra suitable than 2 qualifying toddlers, you could would desire to record the extra baby Tax credit variety.

Answer 6

You can get the child credit as well as a additional personal exemption for the dependent.

Answer 7

extra is the child tax credit.up to 1,00.00 to 600.00 extra...hope this helps