{"id":29900,"date":"2023-08-01T08:00:00","date_gmt":"2023-08-01T13:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=29900"},"modified":"2023-07-26T11:43:01","modified_gmt":"2023-07-26T16:43:01","slug":"tax-tips-for-new-parents","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/tax-tips-for-new-parents\/","title":{"rendered":"Tax tips for new parents"},"content":{"rendered":"\n<p>Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or raising their grandchild, several tax breaks can help. Share these tips with your clients.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Get the child a Social Security number or ITIN<\/strong><\/p>\n\n\n\n<p>To claim parental tax breaks, the taxpayer must have their child or dependent\u2019s&nbsp;<a href=\"https:\/\/www.ssa.gov\/number-card\/request-number-first-time\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Social Security number<\/a>,&nbsp;<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvaW5kaXZpZHVhbHMvYWRvcHRpb24tdGF4cGF5ZXItaWRlbnRpZmljYXRpb24tbnVtYmVyI1FBMSIsImJ1bGxldGluX2lkIjoiMjAyMzA3MTAuNzk0MzE2MDEifQ.bkI_-G5_OTB9yLWlJDPhX8xLibl-jrX8PecCoPUyfec\/s\/2937781287\/br\/222417343813-l\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Adoption Tax Identification Number<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvaW5kaXZpZHVhbHMvaW5kaXZpZHVhbC10YXhwYXllci1pZGVudGlmaWNhdGlvbi1udW1iZXIiLCJidWxsZXRpbl9pZCI6IjIwMjMwNzEwLjc5NDMxNjAxIn0.jbrPlNbESe72oeHdHP7QgTF7v3OXQsuSBDgixLKMhi8\/s\/2937781287\/br\/222417343813-l\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Individual Tax Identification number<\/a> (ITIN). Confirming a child\u2019s birth is the only way the IRS can verify that the parent is eligible for the credits and deductions they claim on their tax return.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Check withholding<\/strong><\/p>\n\n\n\n<p>A new family member might make taxpayers eligible for new credits and deductions, which can greatly change their tax liability. They can use the&nbsp;<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvaW5kaXZpZHVhbHMvdGF4LXdpdGhob2xkaW5nLWVzdGltYXRvciIsImJ1bGxldGluX2lkIjoiMjAyMzA3MTAuNzk0MzE2MDEifQ.Cbs1VKhANKH85juji7ZpuSj91ZzRqa_sAj6GzWj6izY\/s\/2937781287\/br\/222417343813-l\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">IRS Withholding Estimator<\/a>&nbsp;to check their withholding. Taxpayers should provide their employer with an updated&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw4.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Form W-4<\/a>, <em>Employee&#8217;s Withholding Certificate<\/em>, if they want to change how much tax is withheld from their paycheck.<\/p>\n\n\n\n<p class=\"has-x-large-font-size\"><strong>Check eligibility for these tax credits and deductions<\/strong><\/p>\n\n\n\n<p><strong>Child Tax Credit<\/strong>: Taxpayers who claim at least one child&nbsp;as their dependent&nbsp;on their tax return may be eligible for the Child Tax Credit. For help figuring out if a child qualifies for this credit, taxpayers can check&nbsp;<a href=\"https:\/\/www.irs.gov\/help\/ita\/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Does My Child\/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents?<\/a><\/p>\n\n\n\n<p><strong>Child and Dependent Care Credit<\/strong>: If taxpayers paid someone to take care of their children or another member of their household while they work, they may qualify for the&nbsp;<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvdGF4dG9waWNzL3RjNjAyIiwiYnVsbGV0aW5faWQiOiIyMDIzMDcxMC43OTQzMTYwMSJ9.sE8vr6iqJc5m1vSJ8cF4kIWIiRTMTYedLgkbCTmNGXw\/s\/2937781287\/br\/222417343813-l\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Child and Dependent Care Credit<\/a>&nbsp;(CDCC) regardless of their income. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of their daycare expenses with certain limits.<\/p>\n\n\n\n<p><strong>Adoption Tax Credit<\/strong>: This credit lets families who are in the adoption process during the tax-year claim eligible adoption expenses for each eligible child. Taxpayers can apply the credit to international, domestic, private and public foster care adoptions.<\/p>\n\n\n\n<p><strong>Earned Income Tax Credit<\/strong>: The <a href=\"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/earned-income-credit-tax-law-changes-for-tax-year-2021-and-beyond\/\" target=\"_blank\" rel=\"noreferrer noopener\">Earned Income Tax Credit<\/a> (EITC) helps low- to moderate-income families get a tax break. If they&nbsp;<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzYsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvY3JlZGl0cy1kZWR1Y3Rpb25zL2luZGl2aWR1YWxzL2Vhcm5lZC1pbmNvbWUtdGF4LWNyZWRpdC91c2UtdGhlLWVpdGMtYXNzaXN0YW50IiwiYnVsbGV0aW5faWQiOiIyMDIzMDcxMC43OTQzMTYwMSJ9.u7PQCp3j4RRPkJpZ0pTVwB4cg-mFrvAFKfBwaarNJmY\/s\/2937781287\/br\/222417343813-l\" target=\"_blank\">qualify<\/a>, taxpayers can use the credit to reduce the taxes they owe, and maybe increase their tax refund.<\/p>\n\n\n\n<p><strong>Credit for Other Dependents<\/strong>: Taxpayers with dependents who don&#8217;t qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents.&nbsp;Taxpayers can use the&nbsp;<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzcsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3Lmlycy5nb3YvaGVscC9pdGEvZG9lcy1teS1jaGlsZGRlcGVuZGVudC1xdWFsaWZ5LWZvci10aGUtY2hpbGQtdGF4LWNyZWRpdC1vci10aGUtY3JlZGl0LWZvci1vdGhlci1kZXBlbmRlbnRzIiwiYnVsbGV0aW5faWQiOiIyMDIzMDcxMC43OTQzMTYwMSJ9.Oa_QWMv6tmdUMx8Vs0HKv_DGUaIw9oRNkvPPYJJJRUY\/s\/2937781287\/br\/222417343813-l\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Does My Child\/Dependent Qualify for the Child Tax Credit or the Credit for Other Dependents tool<\/a>&nbsp;on IRS.gov to help determine if they are eligible to claim the credit. They can claim this credit&nbsp;in addition to<strong>&nbsp;<\/strong>the&nbsp;CDCC&nbsp;and the&nbsp;EITC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or raising their grandchild, several tax breaks can help.<\/p>\n","protected":false},"author":144648993,"featured_media":30058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-29900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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