Quote:
Originally Posted by jIM_Ohio
Probably bigger ticket items we don't get at baby shower- like mattress for second crib, breast pump or similar.
We also got 3k back from federal refund in 2007, so adding 6k to that (3k exemption for each kid) 9k=$700/month, and that would go a long way towards funding diapers or IRAs as well.
With wife in hospital now, the overall budget has not been discussed yet.
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Oh, I just caught this. You don't get $3k cash back for each kid. You take the exemption and multiply it by your tax rate to see how much you get back. ($7000 * 25% = about $1700 tax reduction for this year).
Then you get the child tax credit at $1k per pop. So add another $2k for that.
It's more like $4k than $6k. (Though certainly not bad).
Of course, if your income is over about $110k, then you don't get all the tax credits. So there is a lot to consider in figuring how much your taxes will lower with twins.