Is there a tax credit for having a newborn?

Answer by  wallaby78 (2293)

Yes, there is a tax credit for having children. You can claim your child or children as dependents on your takes until he or she is eighteen years of age.

Answer by  suze (333)

As long as your baby was born before Jan 1 (2010 for this year) and on December 30 (2009), the baby is a tax credit. Since the baby is already 2 weeks old -- you have the tax credit.

Answer by  diane23 (1167)

It's not exactly a tax credit,but you will pay less in taxes. A newborn baby first qualifies as a dependent for the tax year in which they are born.

Answer by  RNR (129)

Yes you can get tax credit for having newborn as per US tax Laws. You can get tax credit not only for newborn but till child is 17 years old.

Answer by  RRGKK (412)

You wiil be able to claim your baby on this year's taxes. Be sure to get a Social Security number as soon as possible if you have not already filed paperwork for it.

Answer by  Deb43 (579)

Any child born on or before December 31 of the tax year is counted as a dependent for that entire tax year; there is a standard deduction for each dependent.