Hi NSTaxes2021!
Congratulations on being parents! This must be such an exciting time for you.
There are now several credits you can qualify for:
1) Child Tax Credit - You can get up to $3,600 for a qualifying child under age 6. Here is a helpful link on this: https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz
2) Earned Income Credit - Based on your income, you could potentially qualify for this credit. Here is a link on this which explains the qualifications: https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/earned-income-credit/L4lmLBNWa
3) Child Care Credit: You can also qualify for a credit based on day care and child care payments that you make. It can be between $600 and $1,050. Here is a link of some information on that: https://turbotax.intuit.com/tax-tips/family/the-ins-and-outs-of-the-child-and-dependent-care-tax-cre....
4) Advanced Child Tax Credit Payments - There are now also advanced payments available for the Child Tax Credit. Here is a link with some great information and FAQ's for this: https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-f.... Here is the link for the portal to update dependent and payment info: https://www.irs.gov/credits-deductions/child-tax-credit-update-portal
I hope this was helpful! Also, remember to adjust your W-4 at work for the extra dependent. Here is an additional link with some other great benefits that are available to you now: https://turbotax.intuit.com/tax-tips/family/birth-of-a-child/L26LBBTkd. Congratulations again and have a wonderful day!
Sincerely,
Erin M, EA
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