The tax code has plenty of perks for having kids. (I’m not really supposed to give tax advice, but I should say that notwithstanding the $1000 per child tax credit, and the additional per-child dependent exemption, and, if your income is low enough, an increased earned-income tax credit, as well as various other child-related tax benefits, having children will be a net financial loss.)
But when do you get these tax advantages? When do you have kids? (No, not like that–have kids whenever it works for you–why are you asking me?) I mean, is a child an individual for tax purposes only when he is born, or are yet-to-be-born children also individuals for tax purposes? As I’ll discuss in a later post, this question matters for figuring out whether a federal adoption tax credit is available for embryo exchanges, because the federal adoption tax credit is available only for the adoption of an “eligible child,” and an eligible child is defined as an “individual” who meets certain requirements. So we will need to figure out whether an embryo counts as an individual for these purposes.