hi, we live in california and we are expecting our 2 nd child and was wondering if there is any tax break with a 2nd child?
thanks!
2007-11-25 14:30:01 · 5 answers · asked by newmomma 3 in Business & Finance ➔ Taxes ➔ United States
There are a number of tax credits that will be increased depending on the number of children that you have. For example you will have available an additional $1,000 in child tax credit. You would also have an additional exemption which will lower you AGI by $3,400.
2007-11-25 14:36:11 · answer #1 · answered by ? 6 · 2⤊ 0⤋
If the child is born even on December 31, you get additional exemption (of $3,400). Your Earned Income Credit may increase. You may get $1000 more as child tax credit or additional child tax credit.
2007-11-26 02:21:23 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
Yes, if you have any tax liability. You'll get an extra exemption, and another child tax credit.
If you receive EIC, it will increase because of the second child.
2007-11-25 22:54:32 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
Just another 3,400 personal exemption for your 2007 taxes.
2007-11-26 16:28:47 · answer #4 · answered by Gary 5 · 0⤊ 0⤋
You get a second exemption. If you are in a low income situation your earned income credit would increase.
2007-11-25 22:33:27 · answer #5 · answered by beckoningsubstitutes 5 · 0⤊ 0⤋