I think y'all are putting the cart before the horse (re: taxes)

jenerally?

I don't think you'll get as much back as you think you will, just because you now have a LO.

In fact, I think you'll be surprised at how little it really changes things, tax wise.

 

(exception being if you used to work and now SAH and losing the second job means you are now in a lower tax bracket)

Trixie6717

What if you have two new LOs??

Fish4Fun

Hush, you Debbie Downer.  I know I'm getting at least $1,000 back, so I'm spending at least $2,000 today in celebration!

mjlx207

Last year (before LO, obviously) we realized that I had never changed my status to married and that DH was claiming 2 deductions....um yeah.  So instead of getting the money we had hoped for?  We wrote a check to uncle Sam.  Nice, huh?

MamaMyers22

I agree it wasn't until we had a monster mortgage did we see a jump.

leslienpete

i think is saw somewhere it is like a $1500 credit for having a child... Now,  ythe $8,000  tax credit for buying a house will be nice. We will be lucky if we break even after what I owe for my business.

TheFannins729

jenerally?:

I don't think you'll get as much back as you think you will, just because you now have a LO.

In fact, I think you'll be surprised at how little it really changes things, tax wise.

 

(exception being if you used to work and now SAH and losing the second job means you are now in a lower tax bracket)

Hiiiiiiiiiiiii!!!!  lol.  actually, I don't want to get a ton back and except to get close to breaking even.  I'd rather get it all year long than "loan" it to the government.  

WaitingforOlivia2009

BUT I went from FT work to PT, We had a baby, bought a house...soooo I am spending it all before I even get it!! hehe jk. I am however excited about this years taxes and really hoping Uncle Sam doesnt let me down!

ToledoDeux

fredalina:

Isn't it like $1000 deduction from your tax liability (so you'd get back whatever percentage of that corresponds to your tax bracket... if you're in a high bracket it would be like 38% of $1000 or 380)?  Plus deductions for medical expenses during the birth, i guess.

No, it's a credit, not a deduction - MUCH better deal.  And to another poster, it is still only $1000 per kid max.

babyformeg

All I know is it has to be better than owing last year with C/S bills and the child deduction. I am crossing my fingers.

jenerally?

fredalina:

Isn't it like $1000 deduction from your tax liability (so you'd get back whatever percentage of that corresponds to your tax bracket... if you're in a high bracket it would be like 38% of $1000 or 380)?  Plus deductions for medical expenses during the birth, i guess.

you have to have bills, receipts, etc for the medical expenses. Most people wouldn't even claim it.

oh, and those with LOs in daycare, you can claim a credit for that. But SAHs get screwed on that.

mfransdell

We got married, bought a house and had a baby all in one year. What does that mean for us other than a huge mess filing wise?

LaurenNBill

mjlx207:

Last year (before LO, obviously) we realized that I had never changed my status to married and that DH was claiming 2 deductions....um yeah.  So instead of getting the money we had hoped for?  We wrote a check to uncle Sam.  Nice, huh?

My H did this last year too, I make more money than him so I'm clearly not a dependent. And I'm self employed so he messed everything up. We usually owe at least $2000 a year back  

mavilabride

But I already bought my yatch with my big fat refund!

I haven't received a refund in years.

The first year I saw on my return that I owed money, I cried.  LOL

smellycat15

Well I made shiit last year being on bedrest and maternity leave so we'll be in a lower bracket. Hopefully that means more money for us!

jenerally?

mfransdell:

We got married, bought a house and had a baby all in one year. What does that mean for us other than a huge mess filing wise?

you're screwed

katie_cj

mavilabride:

But I already bought my yatch with my big fat refund!

I haven't received a refund in years.

The first year I saw on my return that I owed money, I cried.  LOL

I did too, and I owed about 1000$.  It was a huge shock after being a student and being used to receiving about that amount.

jamie.renee

We already put in most of our info on turbo tax to get an estimate.  Just waiting on a few more forms (that won't really make a change at all).  We are moving soon so I want to file before the mess of an international move.  The baby is not on it since it will be a while for us to get her SS card so we have to amend them later on.  We are getting a decent refund even though like 90% of my husband's pay was tax free for the year.

albl508

I thought it was $3000 .  Oh well, for you ladies who just bought a house, we have gotten over $5000 the past 3 years because of our new mortgage.