The Child Tax Credit and other tax changes

A baby born at any point in the year can change your taxes for that whole year. A few steps now make tax time easier.

What to check

• The Child Tax Credit: available for qualifying children, with income limits; the amount and rules are set by law and can change
• The Earned Income Tax Credit: worth checking if your income is low or moderate
• Your filing status, if it changes
• The child and dependent care credit, if you pay for childcare

Steps

1. Apply for your baby's Social Security number (usually at the hospital when you fill in the birth certificate form)
2. Consider updating your W-4 with your employer so less tax is withheld, if that suits you
3. Keep childcare receipts and the provider's tax ID
4. Use IRS Free File or free VITA tax help if you qualify

General information, not tax advice. Check IRS.gov for current amounts and rules. Family Penny Saver isn't paid by any brand, store or insurer.