xtraheavy01
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The government will not accept your child for payment of taxes. Oh
that is not what you mean jk. (accounting humor)
Yes, you would qualify for a $1,000 tax credit and if you made under say, 33,000 between you and your husband, you would qualify for EIC |
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Kay
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Tax refund is based on the taxes withheld (paid) less the tax due. By having a baby in 2007, you now have a dependent to claim which increases personal exemption thus reduction in tax due. Nobody can tell you with the info provided here as to you getting the refund, but your chance of receiving it has increased. |
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Steve D
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Having a child usually decreases your tax liability since you get additional deductions. However, tax rebates are also a function of how much money you had withheld. If you too little withheld, you will still not get anything back. |
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Judy1
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Probably, but not necessarily. It depends on your joint incomes, and the source of the income, among other things.
If you have any tax liability, you can take a $3500 exemption for her (that much of your income isn't taxed) and a $1000 child tax credit (subtracts from your tax, or increases your refund) if your tax liability is that much. There are other possible tax benefits, like the additional child tax credit, EIC, child care tax credit if you qualify for them. |
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golferwhoworks
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they are deductions on your taxes but even still some still pay if enough was not with held or self employed |
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shamieya
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You should because if you did not claim an enough dependents, you would have overpaid your taxes for the year. Remember the money people get back is a refund for overpayment- it's money you could have had in your pocket or in the bank. You should have upped your number of dependents claimed earlier this year. It all comes down to your total tax liability. You'll only get money back if you overpaid. |
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tina
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yes, you get money back for having a child. exactly how much i'm not sure. but the child has to be born in 2008 for you to claim her on your taxes. |
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HEATHER
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It will be an additional exemption which may help reduce your overall tax and give you more back. You will need her social security number so if you never applied for it when you had her make sure to get that done now. |
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v b
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Having your daughter on January 3rd 2009 will NOT change your 2008 tax bill. It will change your 2009 tax bill.
NEXT YEAR, when you go to file your tax return, you will have 3 exemptions instead of two. At the 15% tax bracket, that's about $525 less in tax. NEXT YEAR, when you go to file, you may get $1000 for the child tax credit (and/or additional child tax credit--this depends on your tax bill and earned income).
PS congratulations. Since you didn't give the year, I had to assume 2009--as people keep asking about their babies in utero! |
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