{"id":1824,"date":"2019-06-10T14:48:49","date_gmt":"2019-06-10T21:48:49","guid":{"rendered":"https:\/\/blog.turbotax.intuit.com\/es\/?p=1824"},"modified":"2019-06-10T14:48:49","modified_gmt":"2019-06-10T21:48:49","slug":"life-events-series-how-having-a-baby-can-save-you-money-on-your-taxes","status":"publish","type":"post","link":"https:\/\/blog.turbotax.intuit.com\/es\/uncategorized\/life-events-series-how-having-a-baby-can-save-you-money-on-your-taxes-1824\/","title":{"rendered":"Life Events Series: How Having a Baby Can Save You Money on Your Taxes"},"content":{"rendered":"

There are few, if any, joys in life that can be compared to the birth of your child.<\/p>\n

Yet, in the middle of such happiness, someone (usually an uncle you only see twice a year) always seems to tell you how expensive a child will be<\/a> in the 18 years that you’ll be responsible for them.<\/p>\n

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Medical Expenses<\/h3>\n

Depending on where and how you decided to have your child (hospital, birthing center, home care birthing specialists) you probably got popped with a pretty large medical expense<\/a> to bring your little bundle of joy into this world.<\/p>\n

Although paying medical bills isn’t too much fun, the good news is that you can deduct those expenses (as itemized deductions) on that year’s taxes, saving you quite a bundle.<\/p>\n

I don’t know if it’s common practice, but my wife and I were still receiving bills from nurses and anesthesiologists when our baby was seven months old. This serves as a reminder to keep excellent records and store all of your receipts and documents in a safe place.<\/p>\n

Your Child is Dependent on You<\/h3>\n

A new baby is totally dependent<\/a> on his or her parents, but they also give mom and dad quite a nice tax break. The word on the street is that claiming a dependent (newborn or not) on your 2012 tax return will net you a $3,800 deduction. That’s $100 more than 2011 and you can claim this exemption no matter what time of year your child was born.<\/p>\n

Your Child’s Gift to You<\/h3>\n

Not only do parents get to reap the benefits of a new dependent on their tax returns, but they also get another small gift from their little bundle of joy – the Child Tax Credit.<\/p>\n

This year, the child tax credit remains the same at $1,000 per child. Here’s how a tax deduction and credit differ:<\/p>\n