Tax question about children born in december

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Gillbot

Gillbot

Lifer
Jan 11, 2001
28,830
17
81
I'm getting conflicting info about claiming a chils as a dependent on taxes if the child is born on December.

Some say you can't claim the child on the current year unless it was born before July while others say you can claim it as long as it's born before Dec. 31st, what's the official rule?
 
nakedfrog

nakedfrog

No Lifer
Apr 3, 2001
63,369
19,747
136
Makes sense for it to be 12/31, as it's been a dependent for most of the year :p
 
Gillbot

Gillbot

Lifer
Jan 11, 2001
28,830
17
81
Yeah, I saw this right after I posted: http://www.irs.gov/faqs/faq-kw25.html

My son was born on December 31st. Can I claim him as a dependent? If so, will he be also qualified for the Child Tax Credit?

If your child was born alive during the year, and the exemption tests are met, you may take the full exemption. You may be entitled to a Child Tax Credit for him. Please refer to Publication 501, Exemptions, Standard Deduction and Filing Information. Please Refer to the Form 1040 Instructions for information about the Child Tax Credit.
Click to expand...
 
S

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
Has to have lived with you for at least half the year.

-edit-
That is one of the requirements for dependency status (or other special circumstances.)

After glancing over form 501 if the child is born or died in the calender year they meet the residency requirement of qualifying dependent.
 
S

SampSon

Diamond Member
Jan 3, 2006
7,160
1
0
You can claim the exemption for the entire year the child was born, regardless of DOB.
 
mugs

mugs

Lifer
Apr 29, 2003
48,920
46
91
Originally posted by: MikeyIs4Dcats
yup, 12/31. This a a "bonus" for having a child or getting married late in the year.
Click to expand...

Is it really a bonus though? I mean, you can still claim the child for the same number of years in the end, right?
 
S

SampSon

Diamond Member
Jan 3, 2006
7,160
1
0
Originally posted by: mugs
Originally posted by: MikeyIs4Dcats
yup, 12/31. This a a "bonus" for having a child or getting married late in the year.
Click to expand...

Is it really a bonus though? I mean, you can still claim the child for the same number of years in the end, right?
Click to expand...
Yea, but for that first year you claimed, you really didn't spend much to support its life.
So it's really just a tax deduction bonus for that year.

Though, in the end, you still have a kid. sucker!
 
nakedfrog

nakedfrog

No Lifer
Apr 3, 2001
63,369
19,747
136
Originally posted by: SampSon
Originally posted by: mugs
Originally posted by: MikeyIs4Dcats
yup, 12/31. This a a "bonus" for having a child or getting married late in the year.
Click to expand...

Is it really a bonus though? I mean, you can still claim the child for the same number of years in the end, right?
Click to expand...
Yea, but for that first year you claimed, you really didn't spend much to support its life.
So it's really just a tax deduction bonus for that year.
Click to expand...
WOOHOO!
Though, in the end, you still have a kid. sucker!
Click to expand...
Doh!
 
Gillbot

Gillbot

Lifer
Jan 11, 2001
28,830
17
81
Originally posted by: SampSon
Originally posted by: mugs
Originally posted by: MikeyIs4Dcats
yup, 12/31. This a a "bonus" for having a child or getting married late in the year.
Click to expand...

Is it really a bonus though? I mean, you can still claim the child for the same number of years in the end, right?
Click to expand...
Yea, but for that first year you claimed, you really didn't spend much to support its life.
So it's really just a tax deduction bonus for that year.

Though, in the end, you still have a kid. sucker!
Click to expand...

That's debateable. Stupid pre-natal vitamins and food cravings are EXPENSIVE!
 
JulesMaximus

JulesMaximus

No Lifer
Jul 3, 2003
74,599
998
126
Originally posted by: Gillbot
Originally posted by: SampSon
Originally posted by: mugs
Originally posted by: MikeyIs4Dcats
yup, 12/31. This a a "bonus" for having a child or getting married late in the year.
Click to expand...

Is it really a bonus though? I mean, you can still claim the child for the same number of years in the end, right?
Click to expand...
Yea, but for that first year you claimed, you really didn't spend much to support its life.
So it's really just a tax deduction bonus for that year.

Though, in the end, you still have a kid. sucker!
Click to expand...

That's debateable. Stupid pre-natal vitamins and food cravings are EXPENSIVE!
Click to expand...

Bah, that's minor, hell it's negligible, compared to the cost of raising a child.
 
BoomerD

BoomerD

No Lifer
Feb 26, 2006
66,613
15,006
146
/me is a December 31st baby...my parents called me their last minute tax-deduction...

So all youse who go out on New Year's Eve partying...you're celebrating my birthday, whether you knew it or not...;)
 
Gillbot

Gillbot

Lifer
Jan 11, 2001
28,830
17
81
Originally posted by: JulesMaximus
Originally posted by: Gillbot
Originally posted by: SampSon
Originally posted by: mugs
Originally posted by: MikeyIs4Dcats
yup, 12/31. This a a "bonus" for having a child or getting married late in the year.
Click to expand...

Is it really a bonus though? I mean, you can still claim the child for the same number of years in the end, right?
Click to expand...
Yea, but for that first year you claimed, you really didn't spend much to support its life.
So it's really just a tax deduction bonus for that year.

Though, in the end, you still have a kid. sucker!
Click to expand...

That's debateable. Stupid pre-natal vitamins and food cravings are EXPENSIVE!
Click to expand...

Bah, that's minor, hell it's negligible, compared to the cost of raising a child.
Click to expand...
I don't disagree to that but saying you don't spend much before the child is born is a gross understatement! We've have to spend loads just getting ready, I'm sure it'll be MUCH worse after though!
 
FoBoT

FoBoT

No Lifer
Apr 30, 2001
63,084
15
81
fobot.com
yeah, my youngest was born Dec 11 , i told my wife if she wasn't popped out by Dec 25, i was going in after her
 
S

Sluggo

Lifer
Jun 12, 2000
15,488
5
81
Originally posted by: BoomerD
/me is a December 31st baby...my parents called me their last minute tax-deduction...

So all youse who go out on New Year's Eve partying...you're celebrating my birthday, whether you knew it or not...;)
Click to expand...

You are birthday buddies with my father, also a 12/31 baby...alas, he may have a few years on you.
 
M

mooglemania85

Diamond Member
May 3, 2007
3,324
0
0
Originally posted by: SampSon
Originally posted by: mugs
Originally posted by: MikeyIs4Dcats
yup, 12/31. This a a "bonus" for having a child or getting married late in the year.
Click to expand...

Is it really a bonus though? I mean, you can still claim the child for the same number of years in the end, right?
Click to expand...
Yea, but for that first year you claimed, you really didn't spend much to support its life.
So it's really just a tax deduction bonus for that year.

Though, in the end, you still have a kid. sucker!
Click to expand...

:laugh:
 
nakedfrog

nakedfrog

No Lifer
Apr 3, 2001
63,369
19,747
136
Originally posted by: FoBoT
yeah, my youngest was born Dec 11 , i told my wife if she wasn't popped out by Dec 25, i was going in after her
Click to expand...

My youngest was also born on December 11th :)
 
BoomerD

BoomerD

No Lifer
Feb 26, 2006
66,613
15,006
146
Originally posted by: Sluggo
Originally posted by: BoomerD
/me is a December 31st baby...my parents called me their last minute tax-deduction...

So all youse who go out on New Year's Eve partying...you're celebrating my birthday, whether you knew it or not...;)
Click to expand...

You are birthday buddies with my father, also a 12/31 baby...alas, he may have a few years on you.
Click to expand...

If that's the case, he's a REEEEEEEEEEALY old sumbitch...;)
(I'm in my mid-50's)
 
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