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Started By
Message
First Child/ How does it impact tax return
Posted on 1/25/13 at 10:18 pm
Posted on 1/25/13 at 10:18 pm
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
5
Posted on 1/25/13 at 11:44 pm to ragacamps
Each deduct is $3800?
Posted on 1/26/13 at 9:59 am to ragacamps
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.
Posted on 1/26/13 at 10:24 am to iwasthere
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.
Posted 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.
Posted on 1/26/13 at 2:05 pm to iwasthere
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!!!
Posted 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.
Posted on 1/26/13 at 5:45 pm to ragacamps
Also a child tax credit that you should fully get at your income.
Posted on 1/26/13 at 7:13 pm to Tigah in the ATL
im having twin girls this year. please give me some deductions. 
Posted on 1/26/13 at 11:06 pm to ragacamps
I hear you can shelter a lot by contributing heavily to deductible college funds.
Posted 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 1/27/13 at 6:44 pm
Posted on 1/27/13 at 11:44 pm to diat150
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?
Posted 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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