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IRS Tax TipsApril 1, 2024

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Issue Number: Tax Tip 2024-25


Tax help for new parents

Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things new parents need to know.

Before filing, new parents should:

  • Check withholding
    A new family member might make taxpayers eligible for new credits and deductions, which can greatly change their tax liability. They can use the IRS Tax Withholding Estimator to check their withholding. Taxpayers should provide their employer with an updated Form W-4, Employee’s Withholding Certificate, if they want to change how much tax is withheld from their paycheck.

When preparing to file, check tax credits and deductions:

  • Child and Dependent Care Credit
    If taxpayers paid someone to take care of their children or another member of their household while they work, they may qualify for the Child and Dependent Care Credit regardless of their income. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of those expenses with certain limits.
  • Adoption Tax Credit
    This credit lets families who are in the adoption process during the tax-year claim eligible adoption expenses for each eligible child. Taxpayers can apply the Adoption Tax Credit to international, domestic, private and public foster care adoptions.
  • Earned Income Tax Credit
    The Earned Income Tax Credit helps low- to moderate-income families get a tax break. If they qualify, taxpayers can use the credit to reduce the taxes they owe – and maybe increase their tax refund. People who earned $63,398 or less in 2023 may be eligible for this valuable tax credit. For tax year 2023, the EITC is as much as $7,430 for a family with three or more children or $600 for taxpayers who don’t have a qualifying child.

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