2007-12-12 05:50:15 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
the whole year. if your asking in dollars how much credit you'll receive you'll have to check the tax book that comes out in January 2008 for taxes paid in 2007 it may change from year to year. if a baby is born on DEC 31st you would still get credit (take as a dependent) for the whole year.
good luck to ya
2007-12-12 06:02:26 · answer #1 · answered by adam/penny 7 · 0⤊ 0⤋
You get a $3400 exemption (that much of your income isn't taxed) and a $1000 tax credit (your total tax is decreased by that amount) for the baby.
Note: these can only reduce your tax to zero. If you don't owe that much, then you don't get the extra back, it just takes your tax to zero.
Depending on your income, you might also be eligible for an Earned Income Credit because of the baby.
2007-12-12 14:37:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋