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Child Tax Credits


The first step you will want to take with your newborn child is to get a Social Security Number (SSN) when you get the birth certificate. Not only will this be the most convenient and efficient time to do this, but you will also need your child’s SSN when it comes time to file your taxes!

 

Claiming a Dependent: When you claim your child as a dependent on your taxes, you are granted an exemption of $4,050! You can claim your child as a dependent until they turn 19, so those savings can really add up. Alternatively, you can claim your child as a dependent until they are 24, as long as they enrolled as a full-time student.

 

Dependent Disability Exemption: If your child or relative is considered to be “permanently and totally” disabled, the age restriction for claiming them as a dependent does not apply. To be classified as permanently and totally disabled, the individual can’t engage in substantial gainful activity due to their disability, and a doctor must determine if their condition has lasted (or is expected to last) over a year or can lead to death.

 

$1,000 Child Tax Credit: For married couples filing jointly that make below $110,000 or for a single head of household that makes below $75,000, you can claim a tax credit of $1,000 per new child, regardless of how late in the year the baby is born! To claim this credit, make sure your child meets the requirements here.

 

Child Care Credit: If you have to put your child or children in child care in order to go to work, you can earn a tax credit ranging from $600 to $1,050 (for children under the age of 13). If you are paying for two or more children under the age of 13 to be in child care, the credit can range from $1,200 to $2,100! Find more information here.


Adoption Credit: If you have adopted a child, the IRS offers a tax credit to help you offset the cost of adoption. For 2017, the full value of the credit was $13,570. If you adopted a “special needs” child, you can claim the full credit even if the adoption costs were less than its total value.

 

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