when i claim a dependent on my tax return, will i recieve more money back.?

Question

I had a son born this last year and i was wondering when i claim him on my tax return , will i get more money back.

Answer 1

yes

Answer 2

You can claim your new son as long as he was born in 2006, If you make under a certain amount you can claim the EIC credit, so no matter what you paid in you will at least get this. But you should also be able to take a credit for him for general tax purposes. Example if you claimed 2 on you w-2 this number will go up reducing the tax you owe, which may result in a lower payment to the IRS or a credit back to you.

Answer 3

Your tax liability will be lower. Whether or not you get any refund will depend upon how much was withheld from your pay. If you were otherwise expecting a refund, you'll get a slightly larger one.

If your son was born in 2007 you can't claim him on your 2006 taxes though.

Answer 4

You can claim your son only if you support your son. If someone else has custody of your son they may be able to claim him. He would have to be born in 2006 in order for you to claim him on your 2006 tax return.

Answer 5

You should have a lower tax liability. This comes from the extra exemption + the child tax credit. The amount of reduction to your liability will of course depend on your income and tax bracket.

You'll have to get a soc. security number for your child as well.

Answer 6

Probably. If you owe taxes at all, they'll be reduced, but can't be reduced below zero. But even then, you could see something from the EIC because of having the child, if your income is low enough to qualify for that.

Answer 7

Yes, you will.