Getting Your Child Tax Credits
New parents: make sure you're getting these child tax credits and family tax benefits when you file this year
Your new baby changed everything, including how you file your taxes, so check with your tax professional to make sure you're getting the most out of these government-funded freebies.
1. Free Money
Thanks to the new baby credit, you can offset some of those first-child expenses with 10 crisp Benjamins in your pocket.
What you'll get: An extra $1,000 added to your return.
What you'll need: Baby's name and social security number — that's it.
How to qualify: If you're filing jointly, combined income must be less than $110,000. Single or filing separately? Less than $75,000.
2. Group Hug
That family photo on your nightstand is worth more than $11,000 in deductions.
What you'll get: If you choose the standard deduction instead of itemizing, take $3,700 off your taxable income per family member. That means a new mom and dad, plus baby, will qualify for $11,100 off their earnings. That's half a minivan!
What you'll need: It's standard, so the information is already on your W-2.
How to qualify: Whether you're single or married, you qualify, but marrieds who file jointly instead of separately score the largest standard deduction.