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New parents need to study up on the child dependent exemption and the child tax credit, which was introduced in 1997.
FORBES: Investment Guide
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Parents must wade through page after page of rules for the dependent exemption, head of household filing status, the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), college subsidies, and more.
FORBES: Navigating The Maze Of Child Tax Credits
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The work credit could subsidize all low-wage workers (replacing part of the EITC), while a child credit could replace the dependent exemption, the CTC, the head of household filing status, and the rest of the EITC.
FORBES: Navigating The Maze Of Child Tax Credits
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In 1960 only 15% of federal income tax returns had a zero tax liability, due mostly to low taxable income, a standard deduction, the personal exemption, the dependent exemption, and the Earned Income Tax Credit (a direct subsidy to people for being poor).
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His playbook: lower rates for individuals and corporations, substantially cut taxes on capital, and increase the personal exemption for dependent children.
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You use IRS form 8863 (get the form and instructions here) to claim the American Opportunity Tax Credit, which is based on qualified college expenses that you pay for yourself, your spouse or a dependent for whom you claim an exemption on your tax return.
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