How much do you get back on taxes for having a child?

Question

This is our first tax time with having our new baby. How much do you get back for having one child usually? How do they figure it out?

Answer 1

Assuming you had your child in 2006, you will qualify for the Child Tax credit, which is $1,000 straight off your total tax bill.

You also get another deduction, which lowers your Adjusted Gross Income (AGI) by about $3,000. Your savings depend on your tax rate.