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  #1  
September 30th, 2010, 07:10 AM
want1baby's Avatar Veteran
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One thing to think about thinking about money.Giving birth before the new year means you claim your child for the entire year of 2010 will come in handy .
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  #2  
September 30th, 2010, 08:03 AM
MrsBauhaus's Avatar Mega Super Mommy
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Thats the first thing DH's intern said. Not congrats, but "sweet, you get to claim it this year!"

Eager little finance dork.
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  #3  
September 30th, 2010, 08:04 AM
mudd1118's Avatar Mega Super Mommy
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YAY FOR TWINS!!

(it was the first thing my uncle - also our accountant - brought up when I told him we were pregnant!)
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  #4  
September 30th, 2010, 09:54 AM
mommy*tired's Avatar Mega Super Mommy
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whoo hoo!! we can use it
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  #5  
September 30th, 2010, 02:34 PM
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Quote:
Originally Posted by mudd1118 View Post
YAY FOR TWINS!!
heck yeah!! we had no idea how much $ we were going to get back! from 2 to 4


yeah whenever i tell someone i'm due on dec 27th, they're like ooooohhhh...i hope baby comes before the new year. i don't feel like going into it all with them, but we know for sure s/he will be!
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  #6  
September 30th, 2010, 02:48 PM
KogerBaby's Avatar Mega Super Mommy
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Also make sure you keep all of your medical reciepts you just might qulify for a medical deduction as well. Sorry i am one of those Finance Dorks too
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  #7  
September 30th, 2010, 03:04 PM
SassySami's Avatar Crunchy mama
Join Date: Apr 2010
Location: Colorado
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yep.. we get 3 this yr lol
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  #8  
September 30th, 2010, 03:09 PM
~Lindsay~'s Avatar Platinum Supermommy
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how much is it exactly?? I remember my tax guy saying its a crappy deduction and it should be more because babies/kids cost so much! lol. I AGREE!!!
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  #9  
September 30th, 2010, 03:14 PM
Cibershay's Avatar Super Mommy
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It depends on your tax bracket and in part if you qualify for the EIC I think...
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  #10  
September 30th, 2010, 03:18 PM
SavaAngel's Avatar Mama to AJ & Katie
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If they don't take away the child tax credit that is. But yeah, we are excited too!
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  #11  
September 30th, 2010, 03:35 PM
mom2myJo's's Avatar Mega Super Mommy
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I will be thanking this kid for paying off my student loan this year !!!
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  #12  
September 30th, 2010, 03:44 PM
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Quote:
Originally Posted by SavaAngel View Post
If they don't take away the child tax credit that is. But yeah, we are excited too!

As long as you give birth in 2010 you'll be fine. They've changed the child credit for tax year 2011 though. It will be dropping, I can't remember how much, but we're really hoping I deliver in 2010.
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  #13  
September 30th, 2010, 04:18 PM
mommy*tired's Avatar Mega Super Mommy
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yeah this is the last year for the nice sized credit.
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  #14  
September 30th, 2010, 04:43 PM
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My parents were married on Dec. 29th and my dad always jokes about getting to claim my mom as a dependent for the entire year!
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  #15  
September 30th, 2010, 04:52 PM
want1baby's Avatar Veteran
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You will definately notice the difference than what you got before kids.Doesn't it stop being noticeable after like 2 kids?
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1 week to go induction on 14Nov2010.next appointment and next ultrasound 9Nov10.Zion Khamani mommy can't wait to meet you.


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  #16  
September 30th, 2010, 06:28 PM
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Yay for being the last year for the nice credit... AND we're going from 1 to 3.
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  #17  
September 30th, 2010, 08:08 PM
simplycorey's Avatar Mega Super Mommy
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We can definitely use it so he better come on time! lol Even though he's my 5th, I'll only be claiming 3 since my ex claims 2 (which sucks because he's not much of a dad, but oh well ).
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  #18  
September 30th, 2010, 08:39 PM
martilynne's Avatar Platinum Supermommy
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I was aware of the tax credit but I didn't know it was going down next year, that stinks
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  #19  
October 1st, 2010, 07:59 AM
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We had 1 last year for first time and boy was it nice!! We couldn't believe how much more we got back! Having 2 this year will be nice. It was also nice that my grant money went up because we are a family of 4 this year instead of 3!!
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  #20  
October 1st, 2010, 10:59 AM
foosdiva's Avatar Expecting #2
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Quote:
Originally Posted by makmommy View Post
As long as you give birth in 2010 you'll be fine. They've changed the child credit for tax year 2011 though. It will be dropping, I can't remember how much, but we're really hoping I deliver in 2010.
I think we can thank our wonderful Congress for not knowing how much it will change. They left session w/o deciding on the Bush tax cuts. I believe the EIC and the child deduction (are they two sepatae deductions??) were part of this.

Correct me if I'm wrong here b/c this is my first and I'm not SUPER politically savvy. I started getting involved as soon as Obama was instatated.

I believe it was $1K for each child???
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