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Level 1
posted Oct 25, 2023 9:04:52 AM

Expecting new born 2023

Expecting new born 2023 Feb, any action I need to take during the year to optimize my tax? Do I need to declare some point in the year, or wait until 2024 to take actions?

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2 Replies
Employee Tax & Finance Expert
Oct 25, 2023 9:10:22 AM

Good morning, blogostef,

Congratulations!!

You don't need to take any action until you are filing your taxes for 2023.  Make sure you have a SSN for your newborn.  You can claim your newborn as a Dependent for the entire year. If you pay for Child Care, you will also be able to claim a Child Care Credit in addition to Child Tax Credit. 

All the best to you!!

 

 

Employee Tax Expert
Oct 25, 2023 9:21:29 AM

Hello blogostef,

Thank you for joining us today.  I see your are expecting a baby in 2023? 

Some of the tax benefits your receive for having a dependent are the following

They all have certain requirements you have to meet in order to claim them and income limitations.  
The dependent is considered alive for the full year in which is born, weather Jan 1. or Dec. 31.  
I have hyper linked each credit for more information on it.  
You must have a social security number for each dependent claimed on your return as well.

Here is another helpful TurboTax Article for claiming a new dependent.

Depending on your State of Residence, there may be credits there as well. 
Hope this helps!  Congratulations!!