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Common questions

How much can I get with my newborn baby?

First of all, congrats on your new baby! As a new parent the addition of a new baby is a time of joy. Something that can help with the expenses of being a new parent are the credits that come with having a child. If this is your only child, parents can get refundable tax credits worth up to $5,200. Depending on your earned income (your money made from work), you could be receiving $3,700 in Earned Income Credit and another $1,500 in Child Tax Credit. To get a better estimate of what you might receive, check out our Refund Estimator here

I had a new baby in 2022 after July. Can I still claim them on my taxes?

Congratulations on the new member of your family! Even if your child was born after July 2022 as long as your child meets all the other dependency requirements you can claim that child. Children that are born in 2022 are generally considered to have lived with you all “12 months” of the tax year for credit purposes.

If your baby split time between two parents or houses, then the parent who lived with the baby for more than half the time since they were born should be the one to claim the baby. For example, if you had your baby in September, and your baby lived with you for 3 months and with your partner for 1 month, the baby spent more than half the time with you, so you would claim him/her.

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What is earned income?

“Earned Income” is a term used by the IRS to describe money that you made through “sweat and toil” as they like to say. What that means for the rest of us, is that you had to work for the money, usually through working a job and receiving a W-2, or being self-employed and receiving cash or a 1099-NEC. Some common examples of self-employment are gig work (Uber, Lyft, Doordash), child care, landscaping, hair styling, etc.

“Unearned Income” is money that you made without working such as unemployment, interest from a bank account, the sale of stocks or bonds, lottery or gambling winnings.

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What is an ITIN? Who needs one?

An ITIN is a Individual Tax Identification Number. This ITIN provides people who are not eligible to get a Social Security Number to file a tax return. This may be useful for individuals who are here in the US and would like to file a tax return to pay for taxes, receive tax credits, or be up to date with their tax return for immigration purposes.

EIC or EITC? Are they the same thing?

Yes, the EIC and the EITC are the same tax credit. Depending on where you learn about the Earned Income Credit and the Earned Income Tax Credit the acronym may be slightly different. Even on the IRS website they refer to the EITC and the EIC! Don’t worry if you hear different people use different acronyms for the EIC, we are all referring to the same Earned Income Credit.

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