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First Child/ How does it impact tax return
Posted by ragacamps on 1/25/13 at 10:18 pm00
Just wondering. How much of a difference does it make?
Roughly 73,000 household income.
Myself, Wife, and Baby
Roughly 73,000 household income.
Myself, Wife, and Baby
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.
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.
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.
re: First Child/ How does it impact tax returnPosted by Htown Tiger on 1/26/13 at 11:52 am to flip82lsu
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.
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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re: First Child/ How does it impact tax returnPosted by LSUtigerME on 1/26/13 at 3:43 pm to ragacamps
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.
re: First Child/ How does it impact tax returnPosted by Tigah in the ATL on 1/26/13 at 5:45 pm to ragacamps
Also a child tax credit that you should fully get at your income.
re: First Child/ How does it impact tax returnPosted by diat150 on 1/26/13 at 7:13 pm to Tigah in the ATL
im having twin girls this year. please give me some deductions.
re: First Child/ How does it impact tax returnPosted by ladytiger118 on 1/27/13 at 6:42 pm to matthew25
$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
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?
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?
re: First Child/ How does it impact tax returnPosted by Poodlebrain on 1/28/13 at 1:18 am to TJG210
quote: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.
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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