I just had my first child this year and I was told that I receive money from the government when i file my taxes. Is this true? if so do i have to file differently?
also what else can you claim on your taxes? i heard you can claim child care or other things.
plus don't be rude if you answer i know how some people are on here..so if you don't have an answer thats helpful please don't answer!
Thanks
2007-10-07 11:26:34 · 5 answers · asked by jeanettelynng 1 in Business & Finance ➔ Taxes ➔ United States
You do not receive any money, only credits against your taxes. Your refund will be higher then when you had no dependents.
For the child care credit you provide the SSN of the person you paid for the childcare and can deduct that from your income. The IRS does verify that the paid person claimed the income.
2007-10-07 12:08:06 · answer #1 · answered by Landlord 7 · 0⤊ 1⤋
You can claim him or her as a dependent and take an exemption for this child. You just list the child in the "dependent" area and fill in the required info. An exemption will make $3400 of your income not taxable.
Then when you get down toward the end, in the "credits" section, you will show $1000 on the "child tax credit" line. That will subtract $1000 from your tax if your tax is that much - if your tax is less than that, it will take your income tax for the year to zero.
If the child tax credit hasn't taken your income to zero, you can get a credit for a part of any child care expenses that you spent so you could work.
Depending on your total income, or joint income if you are married, you might also be eligible for an earned income credit.
2007-10-07 18:59:48 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You file your normal return. On the return, you will claim your child as dependent. Net result
Your deduction will increase by $3,400.
You may get higher Earned Income Credit.
You may get Child Tax Credit or Additional Child Tax Credit.
2007-10-08 05:46:38 · answer #3 · answered by MukatA 6 · 0⤊ 0⤋
If you have low earned income from a job, you may qualify for earned income credit when you file you 2007 income tax return.
2007-10-07 18:30:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
As you can see from my name I m employed by the IRS.
Yes....you may qualify for Earned Income Credit and Child Tax Credit. Also in some instances, Addtl' Child Tax Credit.
Email me offline for more info that I can send you from my office.
2007-10-07 18:35:16 · answer #5 · answered by IRSTAS 4 · 0⤊ 3⤋