I havent Done my taxes yet this year... Wondering if I can claim my newborn???

Question

He was Born feb. 7. 07 . also any tips on getting a bigger refund??

Answer 1

EDITED TO ADD: Response to above - amending your W-4 will only increase or decrease the amount withheld from your income. It has absolutely nothing to do with the total tax you will ultimately pay. Yes, you can get a bigger refund by INCREASING (not decreasing) the amount withheld throughout the year. But why would you do that??? Give Uncle Sam YOUR money only to get it back next year without interest?!?

You can claim the baby next year.

You don't want to shoot for a bigger refund, unless you want the government to hold onto YOUR money (without paying any interest, I might add) only to give it back to you in a lump sum when you file your tax return. If I could give one piece of advice to all taxpayers - the key is for the refund or amount owed to be small. That essentially, the withholdings throughout the year were about right.

What you DO want is tips for how to lower your taxes by decreasing the income subject to tax: itemizing deductions (mortgage interest, state tax, charitable contributions, etc), contributing to a traditional IRA, etc.

Good luck!

Answer 2

No the taxes paid in April are for 2006. You have a deduction for your newborn in the current tax year - 2007 so you could give your employer an amended W-4 so less tax is taken out of your paycheck.

Answer 3

no you will not be able to claim him on your taxes this year because they are for 2006. He would have had to been born before 12/31/06 for you to claim him this year.

Answer 4

you can't claim your newborn for 2006, which are the taxes due this coming april. get an accountant, a good one to save some money.

Answer 5

No, he can't be claimed for 2006 because he wasn't born yet. You'll claim him in 2007 though.

Congratulations on your new addition.

Answer 6

Sorry, you are doing your 2006 taxes. the baby didn't come until 2007.