Question: what happens if your baby is the first born on new years?
Answer: Whether your baby is born on December 31 or January 1, you will be able to get a dependent deduction for him for 18 years total (or up to 24 years if he is a full-time student), but the IRS thinks that a baby born December 31, 2018 will turn 18 on December 30, 2036; and that a baby born January 1, 2019 will turn 18 on ...