Child Care Tax Credit Calculator 2011, 2012
65Do You Qualify For Child Care Tax Credit Or Dependent Care Credit?
You may be able to reduce your tax bill or get a bigger tax refund if you qualify for the child care tax credit. The federal government recognizes that caring for children or a dependent can be a financial burden, and may allow you a tax credit on your income tax debt.
If you have children or a dependent that you pay someone else to care for while you look for work or while you work, you probably qualify for this tax relief. This child and dependent care tax credit may result in a bigger tax refund.
How can I qualify for this tax credit?
Your child must be less than 13 years old. You must be paying someone else to care for them, this cannot be a spouse or a child of your own under 19 years of age. The person you pay must not be a dependent of yours. An after school or latch-key program may qualify, but regular school expenses are not allowed.
If you are caring for a spouse, or dependent person who cannot care for themselves, they can be any age. For instance, if you care for a disabled parent, or mentally or physically challenged child, they can qualify as long as they live with you for more than six months. You can claim up to 35% of their care expenses, up to $3,000 for one person or $6,000 for two or more.
You can claim this child or dependent care credit if you are employed and file as a single, head of household, or married filing jointly. If you receive dependent or child care benefits form your employer, this amount will be figured into the formula.
Why wouldn't I apply for this credit?
There is no reason that I can think of, as long as your qualify. You should take advantage of the child care tax credit or dependent care credit. Why not take every legal advantage when you file your income tax. You may qualify for a tax refund, and this credit can help. If you are a parent or caring for a dependent person you deserve this tax break!
You can use the free tax calculator provided by Turbo Tax Online to estimate your Child Care or Dependent Care Tax Credit.
Child Care Tax Credit Video
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How much do u get back for a 4yo pre k child.....
Thanks for making this hub. Answered some questions I had! Voted Useful :)
My wife and I decided to hold our 4yr daughter back an additional year before starting kindergarten so she can have time to mature. As a result, we have enrolled her in a second year of a pre-kindergarten at a non-profit. To my surprise, when we received our first invoice, it listed "kindergarten" as the expense rather than pre-kindergarten. As a result, my employer is unable to release my salary withholding for dependent care. Is it the correct interpretation for my pre-kindergarten school to classify the program as "kindergarten" even though she will be attending kindergarten next year at a true K-8 school?
i am black and have 15 kids. how can i get me some of this free cheese?
thanks in advance.
I grossed $39 k in 2010. I have one child [3 y.o.] and paid $7500.00 for his childcare last year. How much of a childcare tax credit can I expect?
I earned income this year as a self-employed home daycare provider. I also paid for my son to attend preschool, honestly so he can adjust to being away from me before he goes to kindergarten next year. I have a reciept from the preschool with their TIN.
Can I deduct the preschool expense using the Child Care Tax Credit?
How does this all apply in a divorce situation, with shared custody? I am remarried, my ex is not. We alternate years to claim our son on taxes. We each pay half of care expenses each year. Can I claim the credit for what I do provide even if it is not my year to claim the dependent credit?
my last child care provider refuse to give me her social since she does not have a EIN/TIN she said that she will call me to give me the reciepts that she is going to use for herself and now i was told for that reason i have to mail my return what should i do
TO: sheri 4 days ago
[I am single and file head of household with one child and gross income of $33,923.14 for 2010. I paid out of pocket for childcare to non-relatives but did not get receipts. Can I claim? If so, what do I qualify for?]
If you have the name and social security # of the caregiver and she is claiming the income, you can claim the dependent care credit. Keep cancelled checks as your receipts. Don't forget to take the Child Tax Credit as well. Also, more than likely you will also qualify for the Earned Income Tax Credit.
I am single and file head of household with one child and gross income of $33,923.14 for 2010. I paid out of pocket for childcare to non-relatives but did not get receipts. Can I claim? If so, what do I qualify for?
Re: Tax Relief Credit, I am Married we made 52,300 last year, we claimed 5 children ages 4,5,11,15,and 17. How much tax relief credit
Your credit depends on how much you spent on dependant care and your tax bracket. If you are in the 5% bracket and only spent $1000 then your credit is worth $50. You are not going to make money on this credit, you have to have it, and have paid taxes on it to get the credit. I would imagine that with 2 kids at home and only 52,3 in income that your wife probably stays home in which case you get no credit. Yes, it might not be right, but to get the credit you would have had to incur out of pocket dependant care expenses. I can't believe I have to explain this.
I am Married we made 52,300 last year, we claimed 5 children ages 4,5,11,15,and 17. How much tax relief credit
I agree that anyone who qualifies should not neglect to consider availing of the dependent care tax credit. It is one of the truly meaningful credits allowed by the law, and it's insane if no one goes for it. Sure, there are similar credits offered by employers to their employees (which reduces the credit to the taxes), however, it's best that we let the government know that we appreciate such credits by actually using them when we can.
ellis 5 months ago
i have one child paid out of pocket to different baby sitters and dont have receipts,can i count that as a tax deductible?