I am seeking some info before we file our taxes. My husband and I just had a baby on December 7. Are we supposed to add our daughter on our 2007 Tax Return? Do you get a credit for children? If so how much?
Sorry if these questions seem so elementary.
2007-12-30 09:32:13 · 8 answers · asked by K B 3 in Business & Finance ➔ Taxes ➔ United States
Yes your child was born this year so you include it. Don't forget you can claim many of the medical bills depending on how you file. I strongly advise you to go to a place like H&R block so you can maximize in your deductions but have the guarantee they offer for help if there is an audit or legal issue over it. http://www.hrblock.com/
You can also check out this site> http://www.irs.gov/
Hope this helps. Congrats on the baby!
2007-12-30 09:45:22 · answer #1 · answered by Nice one 5 · 1⤊ 0⤋
Congratulations on the new baby. Yes, you'll claim her as a dependent on your 2007 return, and get a $3400 personal exemption for her. You will also get a $1000 child tax credit for her if your tax liability without the credit is at least that much - if your tax liablility is less than that, the credit would take your tax to zero.
2007-12-30 09:53:31 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I'm not sure how much the actual credit is, but you do include your child. My son was born the 27th of December (he just turned 2) and I still was supposed to (and did) claim him. It does greatly increase your tax return. Congrats on the little one!
2007-12-30 09:37:24 · answer #3 · answered by kimmp1 3 · 1⤊ 0⤋
Since she was born in 2007 you can claim her as a dependent on your taxes. This will give you a larger deduction, but since no one here knows your income, we can't determine whether you would be eligible for the child tax credit.
2007-12-30 09:35:44 · answer #4 · answered by Anonymous · 3⤊ 0⤋
Yes you get a credit for the new baby. It is as much as any dependant.
Congrats on your new addition!!
2007-12-30 09:55:19 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Yes you add her to your tax refund. Congrats on the baby :) i wish mine came sooner lol
Baby girl due "Jan 25"
2007-12-30 10:07:15 · answer #6 · answered by MrS.WilSoN 3 · 1⤊ 0⤋
YES! haha I had my baby on Christmas last year and I added her to my taxes. It's a big chunk of money saved so do it. Do you have an accountant or do your taxes yourself? I use an accountant and he handled everything.
2007-12-30 09:35:54 · answer #7 · answered by Benita 4 · 1⤊ 0⤋
you may not get it. go the irs website. I think my credit is around $6,000. for one. but u might not get it til 2008. be careful, going thru a verification audit right now, the irs su c ks. their not elementary, your just too lazy to go and do the work yourself finding these things out.
2007-12-30 09:36:23 · answer #8 · answered by yourdreamprincess 2 · 1⤊ 6⤋