Hi Elisemom, Congratulations on your little one! . It can be a major tax event, too. As of today, for tax year 2022, the Child Tax Credit has reverted to $2,000 per child dependent 16 and younger, with $1500 being refundable.
You can submit a new Form W-4 with the dependent, which will decrease your tax withholdings and have more in your paycheck. There is a W-4 Calculator that takes you step-by-step through the worksheet,
https://turbotax.intuit.com/tax-tools/calculators/w4/
Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding. It's always a good idea to compare your 2021 total tax on your tax return to the year-to-date federal tax withholdings on your most recent paycheck. If you find not enough is being withheld, then submit another Form W-4 without the dependent to revert back to a higher withholdings.
I hope this is helpful!
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