i just had a baby, is there anything i need to do for my taxes?

Question

do i need to add her to that form i filled out when i first got hired at work? als the same question for my husband, should i add him too???? as you can tell i dont know much about taxes or anything like that

Answer 1

Hi Just Had a Baby,

You will add your baby to your 1040 at the end of the year, you will need your baby social security number, and you may have some personal tax credits available if it applies to your situation such as: qualifying child and dependent care, Earned Income Credit, Child tax credit for children under 17, and if you have any out of pocket expense for the delivery, can be claimed on Schedule A, but medical expenses must exceed 7.5% of your AGI. When you file your taxes, your tax preparer will help you so your taxes are done properly, and you can discuss your particular situation with him/her.

I would not recommend you and your husband adding your baby as another exemption on your employers W-4 form, or including your spouse on each of your W-4 forms. This would actually count 4 exemptions if you both include baby, or 6 exeptions if you both counted 3 exemptions on your W-4 instead of the 3 you would actually have at tax filing time. Myself personnally, I believe it is much wiser for you and your husband just to claim 1 exemption for each of yourselfs on your W-4, expecially if both spouses work.

Answer 2

You are talking about a W-4 form, and it depends on your goals and how you are currently filing.
There are too many variables (deductions, etc) to give you a straight answer.

You don't NEED to do anything. If you wanted to, your W-4 can say anything you want it to because it is just a form telling your employer how much to withhold (as an estimate). However, if it is not filled out somewhat correctly, then you will will either be paying too much or too little in taxes.

Since I don't know anything about your situation, my best advise would be to follow the directions very carefully on page 2 of the attached W-4. Your goal should be to maximize your money now and get as close to break-even when you do your taxes the following year.

If you want money back when you file your taxes or want to take a conservative approach, then claim less deductions.

Some people like getting money back on your taxes, but all you are really doing is have the gov't hold your money for you while not adjusting for inflation and cost of living.

Answer 3

You can add an allowance to your W-4 for the baby. As far as IRS is concerned, it was around all year. You will need to apply for a social security number for the baby.

Answer 4

Either you OR your husband can add the baby to your W-4, not both. If he's working, you should not add him to yours.

Answer 5

At this time of the year, do nothing. After you file your 2007 return, adjust your witholding.