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[⋆] Aislyn's mommy [⋆] | How much money will I get back on my taxes for having my daughter in October? |
I live in Colorado, and I've heard that I should get back $3000 for having my daughter this year. Can anyone verify this? And if this isn't the case, can anyone give me details on how much I will get back?
Thanks =)
--J
Additional Details
First of all, thank you to those who answered the actual question.
Second of all, I am NOT using my daughter as a "cash plan." I'm simply curious as to the the outcome of my tax return. If you don't have real answers to the actual question, don't answer. |
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where is everybody?
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it's only a deduction, not money back. sorry |
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Wayne Z
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How much you get back by adding a child varies greatly. Some people do get a few thousand extra thanks to the Child Tax Credit and EIC and others get next to nothing if their income is too high or too low.
Bottom: There is no set amount. |
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Bart M
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It's a deduction, which could drive a refund, but it's not guaranteed. Go to the IRS website and use their models. You may be entitled to EIC, too. |
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taxtools
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Actualy the exemption amount is $3500 this year. You probably also get a child tax credit of $1000.00. Also you should check to see if you qualify for the earned income credit which could be as much as $2917 with one child. Try running the numbers at the site linked below.
http://www.pdftax.com/
TaxRef |
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Judy1
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It can be anything from zero to a few thousand dollars, depending on your personal situation. There is no one answer.
Do you get everything back now that you have withheld for income tax? If you don't, you'll get an exemption for your daughter - that means that $3500 of your income isn't taxed. What that saves you depends on your tax bracket - in a 15% bracket would save $525 in tax; in a 10% bracket would save $350. Then if after that you still pay tax, up to $1000 of it will be wiped out by something called the child tax credit.
Then if you had earned income (income from working) under arouond $34,000, or around $37,000 if married filing a joint return, you'd be eligible for EIC (Earned Income Credit) - that can range from $4 to a $2917 and depends on the amount of your earned income from a job.
So yes, it could be as high as $3000, depending on your income and other things. Post again with your income and its source, and your filing status, and somebody can give you a better estimate. |
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Jss
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Depends upon your income.
Your exemption will increase by $3,400.
You will get $1000 as child tax credit
Your EIC will increase.
Read http://taxipay.blogspot.com/2008/04/list-of-articles.html |
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LadyEvidence
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Someone said it only counts for a whole year, but it actually can count for half a year. That being said, she still would have had to have been born before July. Also, yes, it's only a deduction from what you owe. If you owe more than your deductions, you pay for it. If you overpaid in deductions, they pay you back.
And finally, it depends on if you changed your status with your employer. Did you remember to go to your employer's accounting section and redo your tax papers to include your new daughter as an additional dependent? If you didn't, then you might not get any deduction. I'd recommend doing it right away, before the beginning of the year, so that you can have your taxes correct for next year.
And congrats in your new baby! |
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horror_hippie
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You get to claim your daughter for the entire year. I child tax credit is $3000 |
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Pam H
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You don't get back more than you paid in. You can deduct $3,000 off your gross income as a deduction for your child. |
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seraphimstear
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u don't need anything for having a kid other than a job, you shouldn't expect hand-outs in life. its one of the reasons our economic situation is so bad, because the government buries itself further and further in debt. |
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Billy bob jr.
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These types of questions bothers me, she is your child. Not a cash plan. |
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