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Ask Wayne Brasch Your Own Question
Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1298
Experience:  Master of Science in Taxation. Tax experience since 1963.
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how much is a baby worth on taxes

Customer Question

a 4 month old claimed on taxes is worth?
Submitted: 10 years ago.
Category: Tax
Expert:  Wayne Brasch replied 10 years ago.
You will be able to claim the baby's personal exemption of $3,300 for 2006 plus the $1,000 child tax credit. The exemption amount reduces your income while the tax credit reduces your tax. Make sure, though, that you have gotten a Social Security number for the baby. You may also be able to claim the child care credit if you put the baby in childcare while you were working.