In our last issue, we mentioned several commonly overlooked deductions that could save you money on your tax bill. But there is a new tax deduction for Georgia taxpayers that you may be unaware of: the unborn child deduction. Any unborn child with a detectable human heartbeat is eligible for the Georgia individual income tax dependent exemption.
On individual income tax returns filed for Tax Year 2022 where, at any time on or after July 20, 2022, and through December 31, 2022, a taxpayer who has an unborn child with a detectable human heartbeat may claim a dependent personal exemption of $3,000 for each unborn child.
The deduction is per child, so if the mother is pregnant with twins, for example, the total deduction would be $6,000. If the parents file taxes separately, only one can claim the deduction. No Social Security Number or name is required to be assigned to the unborn child in order to claim the deduction.
While no documentation must be submitted with your tax return when claiming the deduction, you still may be required to provide relevant medical records or other supporting paperwork if requested by the Georgia Department of Revenue.
Tax filing deadlines are quickly approaching! You can set an appointment up today with Mimi and Jackie by calling us at 706-632-7850 or emailing our office manager Kimberly Mortimer at email@example.com