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child tax credit questions....

i have a two month old and a three yr old. can we claim both children even tho my youngest will only be 4 months old at the end of the yr? and also how much do we get for each child? we wanna be able to pay off credit cards with this money from christmas shopping and dont want to over spend too much...

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mommykayti

Asked by mommykayti at 12:18 AM on Nov. 5, 2009 in Money & Work

Level 2 (10 Credits)
Answers (9)
  • I believe you can claim any children born during the year, no matter when they were born (I have 2 nephews born on Dec. 27, we always tease them about the tax credit). I can't remember how much the credit is though, sorry.
    CaLizzyMom

    Answer by CaLizzyMom at 12:21 AM on Nov. 5, 2009

  • I remember the child tax credit is $1,000 and its figured from there. Also, from what I remember, yes you can claim the child. I'M NO TAX EXPERT, I'm just recalling off of my memory. Try checking the IRS website.
    BingsMommy

    Answer by BingsMommy at 12:26 AM on Nov. 5, 2009

  • what do you mean by "its figured from there?" this will be our first time doing our own taxes lol and we are only 21 so obviously dont know too much about this whole tax thing and dont wanna mess up. one other thing too... since we arent married (were saving for a large wedding =]) and im a SAHM now, can he also claim me as a dependent? i would LOVE to be able to get the babies even more if thats the case!!!
    mommykayti

    Answer by mommykayti at 12:37 AM on Nov. 5, 2009

  • Yep. Even if your child is born December 31, you can claim the child for the entire year. I want to say the per child tax credit is $1,000. I don't know that you can be claimed as a dependent, but your husband should be able to take the tax exemption for you.

    I think Bings is saying it's a credit, not a refund. So the credit is applied to what you owe in taxes, then the amount you owe or overpaid is figured. It doesn't mean you are guranteed that amount as a tax refund.
    lvpenguino

    Answer by lvpenguino at 2:08 AM on Nov. 5, 2009

  • As long as the child is alive some time during the calendar year, you can clain the child.

    For more information, call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
    rkoloms

    Answer by rkoloms at 6:29 AM on Nov. 5, 2009

  • Any child that was issued a birth certificate can be claimed. The date of birth does not matter as long as it was within the calendar year for which you are filing or earlier. There's a $1,000 credit per child. There are other credits too. It's non refundable, so the amount you get back depends on how much you have paid in.
    Anonymous

    Answer by Anonymous at 9:17 AM on Nov. 5, 2009

  • I wouldn't go spending money on Christmas in anticipation of a tax refund. most likely you will spend that money over and over by the time your return comes and you will still be in debit in the end.

    In the past the child tax cerdit has been 1000 and. Like others have said it is a credit applied to lower your tax ht you owe thus generating a larger refund of you get one. also your boyfriend can Not claim you as a dependant. You shuld both file a return even of you don't have an income due to some of the stimlus stuff that has occured n he past. only one of yu can claim the kids it may work out that it is .ore benifical for you to claim them vs your bf.

    I would also suggest that you begin to plan a small wedding that you can afford


    Anonymous

    Answer by Anonymous at 9:23 AM on Nov. 5, 2009

  • yes you can claim both. it is 1,000 still per child last I heard.
    But_Mommie

    Answer by But_Mommie at 12:53 PM on Nov. 5, 2009

  • thanks so much ladies! i think we have a little more to look at now that i have all this info. and yes it may be sooner if we were to have a small wedding but we both have large families and we want a big wedding. getting married sooner isn't gonna make things much different if at all as far as i know and a piece of paper isn't gonna change the fact that we love eachother or anything like that so we are waiting so we can live our dream. even if it takes ten years i'm ok with that. but anyways. thanks again ladies this helped alot and gave me a little perspective on what to look forward to in the next six months. :)
    mommykayti

    Answer by mommykayti at 3:28 PM on Nov. 6, 2009

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