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Got a tax question (re: children/dependants)

SaltBoy

SaltBoy

Diamond Member
My wife and I are expecting our first child right around Christmas time.

I am wondering, do we get the *full* tax credit for all of 2006 for having this kid before the year is over, or is the amount prorated?
 
If your wife gives birth before 1/1/07, you are entitled to a full year's worth of deductions and credits. IIRC, main ones are the $1,000 child tax credit and additional exemption.
 
Caution: If singe, and your AGI is greater than $110K you will not recieve the extra deduction. Dependants get phased out for high wage earners.


 
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