If my baby is born in March of 2008, I would have the Social Security Number. Am I allowed to put this on my return and claim the deduction? If this isn't allowed and I do it, would there be a penalty other than the deduction being disallowed?
2007-11-21 01:23:59 · 11 answers · asked by tomwirsing 1 in Business & Finance ➔ Taxes ➔ United States
Yes, that's my birthday, and it's always been a big joke "Your parents had you just in time for that deduction" I have heard that 1000's of times.
2007-11-21 01:29:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The baby must be born by 12/31/07 to claim an exemption (not deduction) on your 2007 tax return.
2007-11-21 02:06:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You cannot claim a dependent for 2007 unless they are born on or before 12/31/07. If you illegally claim them as a dependent, the IRS will not allow the deduction and they will charge you a penalty for trying to do it. You could even be charged with tax fraud.
2007-11-21 01:47:02 · answer #3 · answered by Stacia Z 3 · 0⤊ 0⤋
To claim the baby, he or she has to be born by the end of the year you are filing for. The IRS matches the social security numbers up and can tell date of birth, so there's 100% chance you'd get caught if you tried to cheat on this. Depending on circumstances, they might just disallow it. If you illegally claimed the Earned Income Credit though based on the baby, you could be banned from taking the EIC for up to 10 years after that, which would really cost you a lot. Play it straight - no point in trying to cheat on this.
2007-11-21 02:45:10 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Child has to be born before 11:59 pm 12/31/07, to claim it on your taxes for the entire year of 07.
2007-11-21 01:28:12 · answer #5 · answered by Anonymous · 3⤊ 0⤋
Yes the baby has to be born in 2007 to be claim for 2007
2007-11-24 04:18:56 · answer #6 · answered by Gary 5 · 0⤊ 0⤋
must be living on 12/31/2007 to claim as dependent on tax return.
2007-11-21 01:28:40 · answer #7 · answered by Spock (rhp) 7 · 0⤊ 0⤋
No, you are an individual taxpayer and would be on the cash basis method of accounting. You can only deduct those items that you actually apid in 2006 on your 2006 tax return
2016-05-24 21:22:14 · answer #8 · answered by ? 3 · 0⤊ 0⤋
Only if the baby was born in '07' can you put them on your '07' tax return. '08' goes in '08'.
2007-11-21 01:30:07 · answer #9 · answered by Joy 2 · 0⤊ 0⤋
Yes. I was born (late) on the 1st of January. It took years for my parents to quit joking about the money they lost.
2007-11-21 01:27:31 · answer #10 · answered by Karyl 3 · 0⤊ 0⤋