i just became father. a month back. Wondering how to get tax benefit on my child for this year? what is the best way to get tax benefit
2007-12-26 08:15:23 · 4 answers · asked by abul31 1 in Business & Finance ➔ Taxes ➔ United States
Congratulations.
Tax benefit will depend on your personal situation. Are you married to the mom and living with her? If so, you can file a joint return and claim the baby.
If you are not married but the child does live with you, then you and the mom can decide which of you will claim the baby - only one of you can claim the baby. You can decide based on which would be the least taxes for you overall.
If the child doesn't live with you but lives with the mom, you can't claim him or her unless the mom agrees in writing - there's a form for this, IRS form 8332.
2007-12-26 08:22:04 · answer #1 · answered by Judy 7 · 3⤊ 0⤋
You get the tax benefit when you fill our your tax forms and declare that you had a dependent born in 2007. You will need to provide his name, social security number and date of birth...providing that the child is your dependent.
2007-12-26 16:19:40 · answer #2 · answered by BAM 7 · 1⤊ 0⤋
You can claim the child as an exemption which will lower your tax bill. You can deduct medical expenses as well as child care expenses if you have them
2007-12-26 16:18:53 · answer #3 · answered by jwishz 7 · 0⤊ 0⤋
Support the kid.
2007-12-26 16:20:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋