Tax Deduction for New Born.?

Question

I am expecting my first-born child in February 15, 2008. What I want to know is in General what is the stander tax deduction for a baby? Also what if any can I deduct for my HMO
Co-pay?

Thank you,
JobG

Answer 1

You can take a dependent exemption for your child if your child lives with you for over six months in 2008. If you do not live with the child, then the parent that the child lives with can take the exemption, or waive the exemption over to you as the noncustodial parent.

The dependency exemption for 2007 is $3,400 and it will be slightly higher in 2008. In addition, if your adjusted gross income is over $11,300 (in 2007, slightly higher in 2008), you will receive the Child Tax Credit/Additional Child Tax Credit which may increase your refund by up to $1,000.

The other credit you may be eligible for is the Earned Income Credit, which you will get if your income is below a certain level (about $32,000 for one child). This credit can go as high as $2,700 depending on your income. It is a payment to you even if you owe no tax.

Your standard deduction may change when you have a dependent child. If you filed as single before, you may be able to file as Head of Household. The standard deduction for Head of Household is $7,850 for 2007, versus $5,350 for a single taxpayer.

If you itemize your deductions, any medical expenses you paid for yourself, your spouse, or your dependent child are deducted on Schedule A. Only medical expenses in excess of 7.5% of your adjusted gross income can be deducted.

So, lots to learn about your taxes when you have a dependent child. For a general overview, you can read IRS Publication 17.

Answer 2

In 2007, there will be no tax benefit for your child unless he is born in 2007. Based upon your information, that does not sound like it will happen.

In 2008, you will receive an extra personal exemption of $3500 (just a guess right now, for 2007 it is $3400). Plus, you will get the Child Tax Credit of $1000. You may be eligible for the Child and Dependent Care Credit if you take your baby to a licensed facility.

For your medical expenses, regardless of the year, you may deduct all medical expenses over 7.5% of you Adjusted Gross Income that you paid in that year if you itemize your deductions. Most people are not able to write off their medical expenses since they don't have enough to deduct.

Answer 3

http://www.realestatedonation.org/ allows you to take a market value deduction for your home donation.

Answer 4

You report your child as a dependent at the top of your 1040 form... You will have give name and soc. sec. number. Then on the back of the form there will be a line that tells you to multiply the number of dependents to the given number there. This years Deduction was $3,300.00 per dependent.

The deduction per dependent for 2008 will be slightly more.

Answer 5

you will get about $3,000 deduction for each dependent (they change the amount every year). But in addition, you may qualify for a different tax status, if you are single, you can now file as head of household which also increases your deductions. You may also qualify the the child tax credit and the earned income credit.

You can deduct medical expenses if they exceed 7.5% of your income.

It would be best to consult a tax agency to be sure you get all your benefits. They will charge from $200-$300 but the EIC is worth about $4,000 if you qualify.

Answer 6

ability existence ends at beginning. it may no longer declare tax advantages at its possibilities because of the fact the claimant could desire to instruct evidence. A lifeless fetus interior the womb isn't an information previous functional doubts. At beginning it turns right into a citizen after its ft are marked in a stamped pad as its first genuine checklist of evidence and is prone to declare advantages by way of its mom.