December Baby to Win $5,000, Save Parents a Bundle on Taxes

TurboTax Begins Third Annual Search for America’s Cutest Last-Minute Tax Deduction

SAN DIEGO, The typical family spends more than $221,000 raising a child through age 17. But one "last-minute" baby will help his or her parents save a bundle.

TurboTax® the nation’s No. 1 rated, best-selling tax preparation software from Intuit Inc. (Nasdaq: INTU), is conducting its third annual nationwide search for America’s Cutest Last-Minute Tax Deduction. The parents of one lucky baby, born in December 2009, will win $5,000.

To enter, parents or legal guardians should submit a photo of their baby born between Dec. 1-31, to www.cutesttaxdeduction.com. Submissions must be entered by January 7, 2010. Judges will select 10 finalists, and America will determine America’s Cutest Last-Minute Tax Deduction and the $5,000 grand prize winner.

"Having a baby is one of many life events, like buying a home or retiring, that can have a positive impact on your life, as well as on your tax situation" said Bob Meighan, a certified public accountant and vice president with TurboTax. "The great news for people who are going through a major change is that TurboTax can easily handle it, guiding you through your return step-by-step to make sure you get all of the deductions and credits to which you’re entitled to. And that means you’ll get the biggest possible refund so you can buy diapers or a new roof or whatever is most important to you"

Newborns aren’t the only ones who qualify for tax credits. Parents may be able to claim a tax credit worth up to $1,000 every year until their child turns 17. They also may qualify for a number of other credits and deductions, such as child care credits or an adoption credit, worth up to $12,150.

Further details, rules and eligibility are available at www.CutestTaxDeduction.com. You can follow @TurboTax on Twitter (#TTbaby) or visit TaxBreak, the new TurboTax blog for updates.