Tax question

[hhiipp]

Wifey and I had a baby on Jan 4th, does anyone know if the ability to claim a child carries over into the new year a few days or is the cut off Dec 31 at midnight? If there is a few days grace period does anyone know what that date is?

Thanks for any insight.

[Ksyrup]

I'm 99% sure it cuts off 12/31 of every year. Bad timing!

[hhiipp]

Damn wife couldn't just spit her out a few days sooner. Going to have to give her hell for this.

[Eaglesfan27]

Damn wife couldn't just spit her out a few days sooner. Going to have to give her hell for this.

Hey! January 4th is a very good day to have a birthday. ;)

[damnMikeBrown]

I'm nearly certain that it ends on 31 Dec as well.

[Draft Dodger]

I believe it's midnight on 12/31.

[Warhammer]

Yeah, 12/31.

[Glengoyne]

Congrats!!! You Should have induced earlier.

That really would suck..So close to the deadline, and yet.....

I suggest you claim her anyway. You can feign ignorance if audited. Really, tell them some guy named after a bottle of booze, told you it was okay on an internet message board.

[SackAttack]

Do people seriously induce labor for the sake of a tax deduction? Tell me that ain't so.

[hhiipp]

I tried to encourage my wife to ask her doctor about inducing early for the deduction. Seriously though, the expenses for having a child start way before the actual birth so I don't see why you shouldn't be able to claim the child if you were say more than 4-5 months along in the previous year.

[Fritz]

at this point, this thread is push more legitimate ones off the front page. please stop posting in it.

[Farrah Whitworth-Rahn]

Seriously though, the expenses for having a child start way before the actual birth so I don't see why you shouldn't be able to claim the child if you were say more than 4-5 months along in the previous year.
To the extent you have unreimbursed medical expenses relating to the pregnancy during 2004 (like co-pays and lab fees etc.), and if you itemize your deductions, you can claim those as a medical deduction on your Schedule A. Might not do you any good though, because unless your medical expenses exceed 7.5% of your AGI, you won't get any benefit for it.

The exemption for having another dependent doesn't kick in for you until 2005 since that's when the kid was born. Regardless of how far along your wife was in 2004, you are not entitled to an additional exemption until the baby is actually born.



That will be $100 :D

[cougarfreak]

Wouldn't that be an interesting argument for the Supreme Court? If someone tried to claim a baby his wife was prenant with as a dependent, but the baby wasn't born until after 12/31. That could settle the whole when is a child a child debate.

[cartman]

If you donate the kid for Tsunami relief, then there was an extension into 2005.

:D

[FrogMan]

To the extent you have unreimbursed medical expenses relating to the pregnancy during 2004 (like co-pays and lab fees etc.), and if you itemize your deductions, you can claim those as a medical deduction on your Schedule A. Might not do you any good though, because unless your medical expenses exceed 7.5% of your AGI, you won't get any benefit for it.

The exemption for having another dependent doesn't kick in for you until 2005 since that's when the kid was born. Regardless of how far along your wife was in 2004, you are not entitled to an additional exemption until the baby is actually born.

I'm sure some men like that dirty talk. Me, not so much...



:D

FM

[Farrah Whitworth-Rahn]

I'm sure some men like that dirty talk. Me, not so much...



:D

FM
Are you more of a capital gains kinda guy? :D

[FrogMan]

Are you more of a capital gains kinda guy? :D
maybe, I guess exemptions didn't do it for it me... :D

FM

[gstelmack]

I tried to encourage my wife to ask her doctor about inducing early for the deduction. Seriously though, the expenses for having a child start way before the actual birth so I don't see why you shouldn't be able to claim the child if you were say more than 4-5 months along in the previous year.
If you think the pre-birth expenses are significant, wait until you see the post-birth expenses. Of course, it doesn't help that I have absolutely no willpower when my daughter points to a stuffed animal in a store, looks at me, and says "Bear, hug?" or "Rabbit, hug?" or "Mouse, hug?"

[FrogMan]

If you think the pre-birth expenses are significant, wait until you see the post-birth expenses. Of course, it doesn't help that I have absolutely no willpower when my daughter points to a stuffed animal in a store, looks at me, and says "Bear, hug?" or "Rabbit, hug?" or "Mouse, hug?"
and the stuffed animal only happen every once in a while. Diapers, formula, wettowels, and the like, they keep on happening every week... weeee :)

FM

[tategter]

Wouldn't that be an interesting argument for the Supreme Court? If someone tried to claim a baby his wife was prenant with as a dependent, but the baby wasn't born until after 12/31. That could settle the whole when is a child a child debate.

In California sometime back a pregnant woman was pulled-over in a carpool lane for being the only person in the vehicle. She fought the ticket claiming there were two people in the car (her and her unborn child) and won. There is precidence here.

Back on topic, a friend of mine had a baby a few years ago in the early hours of Jan 1. He likes to joke how his wife was in labor on 12/31 and all he could tell her was "come on baby, let's get that tax exemption out of you before midnight".

[gstelmack]

and the stuffed animal only happen every once in a while. Diapers, formula, wettowels, and the like, they keep on happening every week... weeee :)

FM
I don't know. I'll have to send along some pictures of my daughter's stuffed animal collection. We come pretty close to averaging 1 per week http://dynamic2.gamespy.com/%7Efof/forums/images/smilies/biggrin.gif

[FrogMan]

I don't know. I'll have to send along some pictures of my daughter's stuffed animal collection. We come pretty close to averaging 1 per week http://dynamic2.gamespy.com/%7Efof/forums/images/smilies/biggrin.gif
ROFL!!! Your first I would guess, right?

Was about right for our first. It has dwindled down quite a lot with the second kiddo :D

FM

[FrogMan]

dola, kind of like this from first to second child :D

http://img.photobucket.com/albums/v354/QcFrogMan/misc/committed2003073164228.gif



:D FM

[gstelmack]

ROFL!!! Your first I would guess, right?

Was about right for our first. It has dwindled down quite a lot with the second kiddo :D

FM
Yup, she's number 1. Number 2 is due in June. We don't have room in the house to go nuts on stuffed animals for Number 2...

[Draft Dodger]

so true, Frogman.

I remember with Graham (our first), every little thing we were extremely paranoid about. You know, you check him about every 10 minutes when he's sleeping to make sure he's still breathing, and every little thing you're checking the book for.

Our first night in the hospital with Hannah, the nurse came in and noticed she had a bit of a temperature. Without even getting up, my wife and I both blurted out "it's fine...the room is just warm" and rolled over and went back to sleep.

[FrogMan]

Yup, she's number 1. Number 2 is due in June. We don't have room in the house to go nuts on stuffed animals for Number 2...
Either that, or you'll have to sell the stuffed animals of Number 1 to afford some for Number 2 :)

FM

[FrogMan]

so true, Frogman.

I remember with Graham (our first), every little thing we were extremely paranoid about. You know, you check him about every 10 minutes when he's sleeping to make sure he's still breathing, and every little thing you're checking the book for.

Our first night in the hospital with Hannah, the nurse came in and noticed she had a bit of a temperature. Without even getting up, my wife and I both blurted out "it's fine...the room is just warm" and rolled over and went back to sleep.
And for our first, we took like a roll of picture per week for the first year, or just about. For the second, we're at about a rool per month, but we try and take better ones.

And for our first, my wife used to write every little new thing he would do on a calendart kind of thing. For number two, we're simply enjoying those things, not writing them down... :)

FM