9 Events When Your Taxes Drastically Change

What happens to your taxes when you have a child

Becoming a parent brings many changes to your life, including your tax return. If you’re single, you might file your taxes as head of household and take advantage of lower rates. In addition, the tax code has several tax breaks for new parents, including the child tax credit, a larger earned income tax credit and a credit for dependent care expenses. To claim them, your child needs a tax identification number or, in cases like the earned income tax credit, a Social Security number.

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2 thoughts on “9 Events When Your Taxes Drastically Change”

  1. Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job

    1. It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.

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