With the rising costs of raising a child, parents everywhere are happy to get the help they need from the government. Fortunately, the Child Tax Credit helps many families with their tax burden every year. But what if you just had a new addition to your family? Read on to find out how to add your child to the Child Tax Credit!
Kids to the Rescue!
Nothing quite beats the joy of welcoming a new baby into the world, and for many families, the Child Tax Credit can help bring a little extra relief. The Child Tax Credit is a tax credit of up to $2,000 per eligible child in 2019, which can be used to reduce the amount of taxes owed. The great thing about the Child Tax Credit is that it can also reduce the amount of taxes you owe to zero, even if you don’t owe any taxes!
Plus, there’s even more good news. Families may also qualify for the Additional Child Tax Credit, which is a refundable credit for qualifying children. This means that even if your taxes are already reduced to zero, you may still qualify for a refund.
Adding a Child to the Tax Credit: A Guide
Once you welcome your new little one into the world, it’s time to add them to the Child Tax Credit. To do this, the first thing to do is to obtain a Social Security Number (SSN) for the child. Once you have the SSN, you can file a tax return for your new bundle of joy and make sure to include the child as a dependent on your own tax form.
When you have completed the tax return, you’ll need to apply for the Child Tax Credit. To do this, you’ll need to provide information such as your child’s name, SSN, and date of birth on your tax form. Once you’ve filled out the necessary forms, you’ll send them in to the IRS and wait for the results.
The process of adding a child to the Child Tax Credit may seem a bit daunting, but it doesn’t have to be! With a little bit of preparation and the right information, you should be able to make sure your family gets the full amount of your tax credit. Then you can use the extra money to help your family out during this new and exciting chapter of your life.