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2 answers

It depends on how much tax you owe. You get a $3300 exemption for the baby, then a $1000 credit that subtracts from taxes that you owe. If you don't owe any taxes before figuring in what you get for the baby, then you might not get anything. But if you do pay taxes, then you'd get the benefit.

2007-01-29 07:36:14 · answer #1 · answered by Judy 7 · 0 0

You get one exemption that reduces your taxable income by $3,300.00. The exact impact that that will have on your return depends upon your income. Anywhere from $300.00 to around $1k.

2007-01-29 06:18:06 · answer #2 · answered by Bostonian In MO 7 · 0 0

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