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The Child and Dependent Care Credit is worth as much as 35% of your qualified expenses, up to $3,000, (for one qualifying person), and $6,000 (for two or more qualifying persons). Your percentage depends on your AGI, with the higher percentages applying to lower incomes and vice-versa. For example, a married couple supporting two qualifying ...
If you're not in your return already, sign in to TurboTax. Select either Edit or Pick up where you left off under Deductions and Credits. Select You and Your Family. Select Start/Review next to Child and Other Dependent Tax Credits. Answer the questions to complete the section.
Fairness doesn't usually enter into laws made by Congress. I suppose they had a good reason to deny the dependent care credit to MFS, but you would have to ask them (probably back in 1986). You can use a tax-free dependent care FSA to pay for care expenses even when married filing separately.
Yes No. 1 Best answer. Accepted Solutions. rjs. Level 15. For one child, the maximum amount of child care expenses that you can claim for the credit is $3,000. That maximum is reduced by the amount that you used from your FSA. The $5,000 from the FSA is subtracted from the $3,000 maximum.
CHILD AND DEPENDENT CARE CREDIT . You will not get the childcare credit until (unless) you enter income earned from working. The credit does not work unless you enter your income first. If you are filing a joint return you must show income for both spouses, or show that one or both of you was a student or disabled.
by TurboTax•580• Updated 3 months ago. Yes, preschool tuition counts for the Child and Dependent Care credit. Nursery school, preschool, and similar pre-kindergarten programs are considered child care by the IRS. Summer day camps also count as child care. Expenses for overnight summer camps, kindergarten, and first grade (or higher) don't ...
- click Edit/Add for the Dependent Care Credit deduction - answer Yes for the question "Did you pay for child and dependent care in 2021?" - answer Yes for the "principal place of residence in the U.S." question - answer "None of the above" for both my spouse and I in the Tell Us More screen . I am bounced back out to the main Deductions ...
A net loss from self-employment can reduce earned income and your ability to claim the credit. Both the taxpayer and spouse must have earned income to qualify. Child and Dependent Care Credit. Publication 503.
The way the law is phrased, you can apply up to $3,000 in child care expenses to the Child and Dependent Care Credit, per child, with a maximum of two children. One child, $3,000 max; 2 or more children, $6,000 max. If you have a dependent care FSA, then the money for those expenses is taken from the FSA first.
Only the custodial parent can claim the child and dependent care credit. The family court cannot override federal tax law. The court order is telling you to do something that is impossible, and that is not legal under federal tax law. You have to tell your lawyer to get the court order revised so that it conforms to federal tax law.