First Child/ How does it impact tax return | TigerDroppings.com

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ragacamps
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Member since Jan 2011
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First Child/ How does it impact tax return



Just wondering. How much of a difference does it make?

Roughly 73,000 household income.
Myself, Wife, and Baby







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matthew25
Ole Miss Fan
Member since Jun 2012
3447 posts

re: First Child/ How does it impact tax return


Each deduct is $3800?





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iwasthere
UNO Fan
New Orleans
Member since Jul 2010
1212 posts

re: First Child/ How does it impact tax return


You get the 3800 deduction for the baby. Depending on the daycare, you can get a deduction. Also, you might get the child tax credit. Hat is just off the to of my head. I haven't slept too much as I am in the hospital with the wife and our new son.





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flip82lsu
LSU Fan
BATON ROUGE
Member since Oct 2009
3005 posts

re: First Child/ How does it impact tax return


the 3800 is a deduction on your taxable income.

the daycare credit is only 20% of what you paid all year for daycare.

Me and the Wife had our first baby this year also, but it's not looking like it made a lot of difference in taxes so far. I'm probally gonna get someone to do them this year.






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Htown Tiger
LSU Fan
Houston
Member since Sep 2005
1865 posts

re: First Child/ How does it impact tax return


We also had our first this year. Havent done my taxes yet, but I was told you get the $3800 deduction and a $1k tax credit.





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ragacamps
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Member since Jan 2011
2183 posts
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re: First Child/ How does it impact tax return


quote:

You get the 3800 deduction for the baby. Depending on the daycare, you can get a deduction. Also, you might get the child tax credit. Hat is just off the to of my head. I haven't slept too much as I am in the hospital with the wife and our new son.


Thank you and Congratulations!!!






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LSUtigerME
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Walker, LA
Member since Oct 2012
651 posts
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re: First Child/ How does it impact tax return


I was hoping it'd make more difference then it did. Just basing off return, and I didn't adjust withholding, from my calcs online, it came about the same (paying $1k). I was pretty disappointed.





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Tigah in the ATL
LSU Fan
Atlanta
Member since Feb 2005
25153 posts

re: First Child/ How does it impact tax return


Also a child tax credit that you should fully get at your income.





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diat150
Tulane Fan
OPELOUSAS
Member since Jun 2005
19232 posts

re: First Child/ How does it impact tax return


im having twin girls this year. please give me some deductions.





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30160 posts

re: First Child/ How does it impact tax return


I hear you can shelter a lot by contributing heavily to deductible college funds.





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ladytiger118
LSU Fan
Member since Aug 2009
16394 posts

re: First Child/ How does it impact tax return


$3800 deduction, EIC, can qualify for childcare if you put your baby in daycare. Rattling off what I've learn thus far in my Income Tax class this semester. Basically, having a child does benefit your taxes/having dependents to an extent. I think that once your child goes to school you can potentially get credits for that if they go to a private school. Don't fully believe everything I say though...I'm an Accounting senior graduating in May. I still have a lot to learn to even understand half the jargon that is posted by the experts on this board .


This post was edited on 1/27 at 6:44 pm


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TJG210
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New Orleans
Member since Aug 2006
22180 posts
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re: First Child/ How does it impact tax return


Congrats diat, my wife and I had twin girls this past march. Best piece of advice I can give you is to make sure you keep them on the same schedule. We've done that and it has been a tremendous help.

And to get back on topic, I'm interested to see the difference as well. We have a babysitter that comes to the house everyday, we do everything on the up and up, will we be able to get a child care deduction?






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15462 posts

re: First Child/ How does it impact tax return


quote:

And to get back on topic, I'm interested to see the difference as well. We have a babysitter that comes to the house everyday, we do everything on the up and up, will we be able to get a child care deduction?
You will need to disclose the name, address and taxpayer ID of your care provider on Form 2441 to claim a credit for child care expenses.






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