
Mon, Aug-16-04, 19:19
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Re: popping in for update and questions
Maybe I wasn't clear. You get the deduction for the kid
starting in the *tax year* that the kid was born -- March,
January, December, makes no diff.
You file *Tax year* 2004 in April 2005. The kid born 12/31/04
at 12:59pm gets his personal exemption (& mom & pop's
gratitude, no doubt). That kid that (you think) will be born
12/31/05 gets a deduction on your 05 taxes filed in April 06.
I *think* that the same principle applies at the other end --
if you're alive any part of the year you get the personal
exemption. I will no doubt be hearing more about this (and
estate tax intricacies) as my father died last week.
And, on a happier note, if you're married as of 12/31 that's
your status (so if you're thinking of a New Year's Eve
wedding, consult your tax advisor first! Maybe wait until
*after* midnight!). bj
"URAQT2" <URAQT2~B4ME.org> wrote in message
news:jD3Uc.302606$JR4.167587~attbi_s54...
> Sleepyman wrote:
>
> > On Mon, 16 Aug 2004 02:22:59 GMT, "bj"
> > <bjones44~bellatlantic.net> wrote:
> >
> >
> >>>"Sleepyman" <bush~lies.com> wrote in message
> >>>news:nqnvh0drsju3bkpd1altd6fmmjhi59qsdr~4ax.com...
> >>>
> >>>>On Fri, 13 Aug 2004 14:54:49 GMT, Shelley B
> >>>><shelley~yaNOSPAMhoo.com> wrote:
> >>>>
> >>>>>>and getting ready for this baby (due to make its
> >>>>>>appearance on the
2nd
> >>>
> >>>of April)
> >>>
> >>>
> >>>>Just think, you can get a full years worth of deductions
> >>>>if the kiddo
> >>>
> >>>shows up before the 15th!
> >>>
> >>>You get a full year's worth of deductions if the kid
> >>>shows up before midnight on 31st Dec. too.
> >>>
> >>>I don't know why all the hoopla about the *first* baby of
> >>>the new year.
I'd
> >>>think that the parents of the *last* baby of the old year
> >>>would be
pretty
> >>>happy about the timing too! And the newshounds ought to
> >>>take note of
that.
> >>>bj
> >
> >
> > OK, but how does that work? FI, if your taxes for 2004 are
> > due on April 15, 2005, are you saying that you can somehow
> > get a deduction for a child born Dec 31, 2005 on your 2004
> > taxes? If that were to work you would have to file a
> > supplemental return I suppose, but it just doesn't make
> > any sense to me. But then again most of the tax code
> > doesn't make sense to me so I suppose anything is
> > possible.
> >
> >
> > Sleepy
> > -----------------------------------------------
> > A clear conscience is usually the sign of a bad memory.
> > ------------------------------------------------
>
> From what I was always told (one of my kids was born in
> January and four in March) you cannot get a deduction in
> April for any child that was born after December 31st of
> the year you are paying taxes for. I was not allowed to
> claim those kids until we filed the year after their birth.
>
> --
> Chuck -ô¿ô- ~
>
> Have you heard of the NO-CARB Diet for 2004?
>
> NO C-heney NO A-shcroft NO R-umsfeld NO B-ush
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