Hello @Joserod1
Thank you for participating in this event.
Congratulations on the baby.
Following are the available credits for children claimed as dependent on your tax return if you qualify for them:
- Child Tax Credit: You may be eligible for the Child Tax Credit, which is a tax credit that you get for your dependent kids, that’s even better than a tax deduction because it reduces your taxes dollar-for-dollar. For year 2022 you may be eligible to claim up to $2,000 in child tax credit for each eligible child.
- Other Dependent Credit: If you don’t qualify for the Child Tax Credit and your dependent child is over 17 or you support a friend or a relative, you may still be able to claim the Other Dependent Credit of up to $500 per qualifying person.
- Child and Dependent Care Credit: Childcare is expensive, but Uncle Sam can help you out with the cost. If you are working or actively seeking work, and you pay childcare for your dependent who is under the age of 13 (no age limit if disabled), you can claim the Child and Dependent Care Credit. Nursery school, private kindergarten, after-school programs, daycare and even summer and winter day camps are all qualifying expenses.
- Earned Income Tax Credit (EITC): There’s a special tax credit available if your wages or self-employment income are below a certain income level. The amount of credit you receive is based on your income, filing status, and how many qualifying kids you have.
Below is a helpful link for more information on these credits and some state credits for parents.
Tax Credits for Parents
