How much to expect for a tax return with a newborn?

Question

My daughter was born 10/05/2007 .... I am going to be claiming her for this tax year. I qualify for EIC .. I am wondering how much I can expect to receive for the child alone.

Answer 1

You don't say how much you make for the year, so the following is a guess.

If your income is low enough to qualify for EIC, it's possible that between her exemption and the child tax credit, your tax will be reduced to zero so you'd get back everything that you had withheld for federal income tax.

EIC amounts vary with income, filing status and whether you have just one child, or have two or more. It can be anywhere from a couple dollars to well over $2000, so there's no way to even guess without more info.

Answer 2

The EIC depends on your income. Here's the table for 2006

You get a personal exemption amount for each person on your tax return.. For 2006 that was $3300. That reduces your taxable income..

You can also get a Child Tax Credit of $1000,

Assuming your income wont change much, you can use last years tax return. Subtract $3300 from yout income. Figure your tax and subtract it from what you paid in. Take that total and add the credits back in. This should give you a ballpark figure.

Answer 3

About $500 or $600 for the baby, $300 for you. Have fun!

Answer 4

It will be easier if you wait till you receive his SSN. You only other option is to file without claim the child and then amend the return later.

Answer 5

I "think" you do get some sort of tax benefits for making babies.... don't seem fair to me, I should be getting a tax break for NOT having them.

anyway, try the link below. plug all the numbers in for FREE to see what you may get.

Answer 6

i didn't even know you can get money for babies...