Your baby's first money-related paperwork

Here's a checklist of the money paperwork to handle in your baby's first few months.

1. Social Security number

The easiest way to get an SSN is at the hospital. When you fill out the birth certificate paperwork, check the box to apply for a Social Security number, too. The card is usually mailed to you within a few weeks.

If you didn't apply at the hospital, you can apply later through the Social Security Administration. You'll need proof of your baby's age, identity, and citizenship, like a birth certificate.

Your baby's Social Security number is required to claim the Child Tax Credit and to open a Trump Account, so don't put this off.

2. Birth certificate

Your state's vital records office creates the official record. Order a few certified copies. You'll need them for things like a passport, school enrollment, and some benefit applications. Fees vary by state, and you can expect to pay between $10 and $35 per copy.

3. Health insurance

Add your baby to your health plan within the deadline (usually 30 days for job-based coverage and 60 days for marketplace plans). If you're on Medicaid, let your state know about the birth so your baby gets an ID card.

4. Tax credits

• Child Tax Credit: For 2026, you can claim up to $2,200 per child under 17. If the credit is more than you owe in taxes, up to $1,700 per child can be refunded to you, as long as you have at least $2,500 in earned income. Your child and at least one parent have to have a valid Social Security number. Note: A baby born any time during the year, even December 31, counts for the whole year.
• Earned Income Tax Credit: If your income is low to moderate, having a baby can increase your EITC.
• Child care help: If you pay for child care so you can work, you may qualify for the Child and Dependent Care Credit. If your employer offers a dependent care FSA, you can set aside up to $7,500 pre-tax for child care.
• Filing status: If you're a single parent, you may be able to file as head of household, which usually means paying less in taxes.

5. Your paycheck withholding

Update your W-4 with your employer after the birth. A child can lower the taxes taken out of each paycheck, so you get more of your money now instead of waiting for a refund.

6. A Trump Account

Children who are U.S. citizens with Social Security numbers born from January 1, 2025, through December 31, 2028 can get a one-time $1,000 deposit from the federal government into a new savings account called a Trump Account.

• How to sign up: File IRS Form 4547. You can send it with your tax return or file it through your IRS Online Account. Your baby needs a Social Security number first.
• How it works: The money is invested in low-cost funds that track the U.S. stock market. Family and friends can add up to $5,000 a year in total. Some employers can contribute, too.
• When your child can use it: The money usually can't be withdrawn until your child turns 18. After that, it follows rules similar to a traditional IRA.

7. Protecting your family

A baby is a good reason to handle a few bigger tasks:

• Life insurance: Affordable insurance can replace your income if something happens to you. A lot of families find it costs less than they expected.
• A will: A will lets you name a guardian for your child, and without one, a court decides.
• Beneficiaries: Update the beneficiaries on your retirement accounts and life insurance.