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Old 10-29-2004, 08:42 PM
ChristianFx
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Question

How to claim a dependent?


What is the name of your state? Massachusetts

Hi,

I'm wondering how to claim our newborn son on our taxes. Currently, my wife and I both claim 0 dependents on our joint tax return. I am a partner in a biotech company (considered self-employed) and my wife is nurse. I pay estimated tax payments every quarter. Hopefully that's enough information to get started with. Thanks

Christian
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Old 10-29-2004, 09:56 PM
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Join Date: Aug 2003
Posts: 1,848
You apply for a Social Security Number for your child.

When you fill out the tax form at the end of the year, form 1040, you list your child's name, SSN and birthdate in the little boxes designated for that purpose.

That is how you claim a dependent.

There are other things that come into play once you have a child, such as the Child Tax Credit, and the Child Care Credit.

If what you're really asking about is whether or not you should change your withholdings, that is best answered by a tax professional in your area, who would be glad to crunch the numbers for you, usuallly at no charge.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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