Hello and congratulations on your upcoming precious bundle! Babies are wonderful for many reason and a big reason is taxes! The Child Tax Credit in 2021 can be up to $3,600 for your newborn depending on your income. Please refer to the following article for qualification calculations: https://turbotax.intuit.com/tax-tips/family/7-requirements-for-the-child-tax-credit/L3wpfbpwQ#2021-c...
Come August when baby arrives you will want to visit the IRS Portal to adjust your tax situation and see if you qualify to receive advanced payments of the Child Tax Credit. Here is a link to the IRS Portal: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
Please keep in mind when filing your taxes next year, you want to indicate that your newborn lived with you for "the whole year" in order to receive the full Child Tax Credit that you are entitled.
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