2007-01-28 15:05:54 · 7 answers · asked by Geoff 2 in Business & Finance ➔ Taxes ➔ India
congratulations! You have a new tax deduction.
2007-01-28 15:10:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well I am not sure but I think that it won't matter this year on your taxes sense you just had you baby in Dec. They usually ask on the tax papers if your child resided with you at least 6 months of the year (i dont think in the womb counts : ) ) But next year you can claim your baby and get possibly earned income credit.
Good Luck
My hubby just told me that as long as you had your baby before Jan. 31 then you can claim him................ so I would ask your tax preparer.
2007-01-28 15:21:31 · answer #2 · answered by kathleen_martin8 2 · 0⤊ 0⤋
If you are Indian means Nothing effect on your Income tax
2007-01-28 17:27:10 · answer #3 · answered by suresh b 3 · 0⤊ 0⤋
congratulations on your new deductable!! just kidding congratulations for real!! you can deduct from your taxes for 2006. check out the relevent tax booklet at your local library or your local irs office can tell you which new form(s) you need and how to fill them out. you can get them to help with your taxes, file over the internet or try h&r block who can do your taxes and now have a new service for you with their benefit enrollment network that will help you get any government program assistance you qualify for. it's a win-win deal for the three of you!
2007-01-28 15:26:00 · answer #4 · answered by whitemitten1234 5 · 0⤊ 0⤋
It will be nice, you will automatically have a 3rd deduction. You can do you rown taxes with programs such as Tax Act, Tax Cut, or Turbo Tax. Any of them will be quick and accurate. Congratulations.
2007-01-28 15:15:18 · answer #5 · answered by David L 6 · 0⤊ 0⤋
Congratulations! Considerably, expect a decent pay back. I am expecting one for the same situation. Only catch is getting all the paperwork finished.
2007-01-28 15:13:26 · answer #6 · answered by umm...I don't know 2 · 0⤊ 0⤋
Nice tax deduction, you'll want another!
2007-01-28 15:15:30 · answer #7 · answered by L train 2 · 0⤊ 0⤋