New Tax Laws Allow Parents to Claim Newborns on Taxes in 2023 and 2024
Claim the Child Tax Credit
EIC, Earned Income Credit
Dependent Child Tax Credit
TRAVERSE CITY, MI, US, December 27, 2023 /EINPresswire.com/ -- With the arrival of a new baby comes new responsibilities, and one of those responsibilities is filing taxes. Many new parents wonder whether they can claim their newborn on their taxes, and the answer is yes, in most cases.
With the new tax laws that were implemented in 2023, parents can claim their newborn on their taxes for the year they were born in.
According to the new tax laws, parents can claim their newborn as a dependent on their tax return1 for the year in which the baby was born. This means that if the baby was born in 2023 or 2024, parents can claim them on their taxes for those years.
However, there are a few conditions that need to be met in order to claim a baby on taxes.
Firstly, the baby must have been born before the end of the tax year. This means that if a baby was born on December 31st, 2023, parents can still claim them on their taxes for that year.
Secondly, the baby must have a valid social security number. This can be obtained by filling out Form SS-5 and submitting it to the Social Security Administration.
Claiming your newborn on taxes can provide significant tax savings for new parents. By claiming a baby as a dependent, parents may be eligible for tax credits and deductions, such as the Child Tax Credit and the Earned Income Tax Credit.2
These credits and deductions can help reduce tax liability for parnets and put more money back in their pockets.
It is important to note that if married and filing jointly, both parents must have valid social security numbers in order to claim the baby on taxes.
Additionally, if divorced or separated and both parents want to claim the child on their taxes, they will need to follow certain rules to determine who gets to claim the child as a dependent.
In conclusion, the new tax laws allow parents to claim their newborn on their taxes.3 By doing so, parents can take advantage of certain tax credits and deductions that can help reduce their tax liability.
However, it is important to follow the rules and conditions set forth by the IRS in order to claim a baby on taxes. To learn more about claiming the child tax credit for a newborn, visit https://filemytaxesonline.org/how-much-is-the-child-tax-credit/
Frank Ellis
Harbor Financial
email us here
Visit us on social media:
LinkedIn
1 https://filemytaxesonline.org/how-much-is-the-child-tax-credit/
2 https://nationaltaxreports.com/earned-income-credit-eic-table/
3 https://nationaltaxreports.com/how-much-child-tax-credit/
