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The child and dependent care credit is a tax credit that may help you pay for the care of eligible children and other dependents (qualifying persons). The credit is calculated based on your income and a percentage of expenses that you incur for the care of qualifying persons to enable you to go to work, look for work, or attend school.
How much of the credit you're eligible for depends on your adjusted gross income, which determines the percentage of qualifying expenses you can deduct. Here's a glance at how it breaks down by...
Find out if you are eligible to claim the Child and Dependent Care credit. Who qualifies you for the credit? A qualifying person generally is a dependent under the age of 13, a spouse or dependent of any age who is incapable of self-care and who lives with you for more than half of the year.
You may be able to claim the child and dependent care credit if you paid expenses for the care of a qualifying individual to enable you (and your spouse, if filing a joint return) to work or actively look for work.
How much is the Child and Dependent Care Credit worth? Currently, the Child and Dependent Care Credit ranges from 20% to 35% of qualified expenses. The percentage depends on your adjusted gross income (AGI). The maximum amount of qualified expenses for the credit is: The credit percentage phases down depending on your AGI.
What is the child and dependent care credit? This credit allows taxpayers to reduce their tax by a portion of their child and dependent care expenses. The credit may be claimed by taxpayers who, in order to work or look for work, pay someone to take care of their qualifying person. A qualifying person is a:
Your eligibility to claim the child and dependent care credit will depend on the amount you paid to care for a qualifying child, spouse, or other dependent. Find out how the child and dependent care credit works, if you qualify, and how to report the claim on your tax return.
The child and dependent care credit helps pay for the care of eligible children and other dependents. The credit is calculated based on income and a percentage of the expenses...
To claim the child and dependent care credit, U.S. families must have: earned income during the tax year, as long as it wasn’t more than $438,000 annually. U.S. citizens can claim the credit,...
Do You Qualify for the Child and Dependent Care Expense Tax Credit? Use this Easy Calculator to Get the Answer Before You File Your Taxes.