According to TurboTax, in order to claim a child on a tax return, a Social Security number must be provided. Social Security cards cannot be applied for until a baby is born. Failing to file the number on the tax return results in a fine and investigation.
TurboTax shares that prior to the government requiring Social Security numbers for dependents, the number of dependents claimed were seven million higher than after the law was put into affect. As long as a baby is born during the calendar year for which a person is filing, the child can be claimed as a dependent.Learn More
Both the earned income credit and the child tax credit are calculated based on income in a given year, according to the Internal Revenue Service. The earned income credit is based on adjusted gross income, while the child tax credit is based on modified adjusted gross income.Full Answer >
Taxpayers may list qualifying children or relatives as dependents, but aren't permitted to claim themselves as dependents, according to the Internal Revenue Service. However, many taxpayers qualify to claim one personal exemption, resulting in a maximum deduction of $3,900, as of 2014.Full Answer >
An individual should roll over assets from a 457(b) plan into a Roth IRA in a year where his income puts him in a lower tax bracket, claims Zacks Investment Research. This reduces the total amount of tax owed on the assets.Full Answer >
The refund status for taxes can be found on the Internal Revenue Service's website. Find and use the Where's My Refund? tool on the website.Full Answer >