how much does one kid cost in tax returns?

Question

i just had a daughter last july and was wondering if that would boost my income tax return. anybody know???

Answer 1

The amount varies depending on your income, number of other children if any, and other factors.

You'll get a $3300 deduction for having the child as a dependent. The amount that saves you in taxes depends on your tax bracket. In the 15% bracket for example, the deduction would cut your taxes by $495.

You'll get a $1000 child tax credit. Assuming you owe that much in total tax, that $1000 will be subtracted right off your tax amount. It's not a "refundable credit", which means that if your total taxes are $750 before the credit, it would wipe that out but you wouldn't get the other $250 sent to you as a refund.

Depending on your income, having a child might make you eligible for the Earned Income Credit, or for a higher amount if you were already getting it. With one child, you can be eligible for the EIC with income up to $32,000. With two or more children, you might be eligible with a slightly higher income; with no children, the cutoff is MUCH lower.

Answer 2

you can earn up to 1500 extra in child earned income credit when you file you taxes if you pay for child care and other things you can end u with about 5000 in care from child earned income credit.

Answer 3

It's roughly $3000 for most families. Varies and reduces as your incomes go up.

Answer 4

you get a refund for each child, it doesn't cost you.