One of the first things I remember a friend saying when I told her I was pregnant wasn't a traditional congratulatory remark. Instead she excitedly told me, "You're gonna love filing your taxes!" Those were words I never thought I'd hear anyone say since tax season is pretty much loathed by everyone. Luckily, our son was born in January, so there was no question about if we could claim him. However, a woman who has given birth as late as December might wonder if you can claim a baby born late in the year as a dependent.
Taxes are already confusing enough pre-parenthood, but it's important to know exactly how to go about claiming your baby as a dependent on your taxes. After all, the last thing you want is Mr. Government knocking on your door because you made an easily avoidable error. Luckily, navigating the murky waters of rules and requirements has become easier thanks to the wealth of knowledge available online. Most questions can be answered with a quick search, but occasionally you still have to read the fine print.
So can you claim a baby who was born late in the year as a dependent on your taxes? According to TurboTax, yes, you can claim your baby no matter when they were born. Still, there are some key facts you need to know before you start filling things out. Check out these quick pointers to make sure you're getting the most out of your taxes this year.