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Child and Dependent Care Tax Credit.
Regardless of where you work or how many hours you work, if you pay someone to care for your children, you may qualify for a tax credit.
The maximum credit you may claim is $3,000 for one dependent or $6,000 for two or more.
This limit applies even if your actual expenses are much greater.
Based on your adjusted gross income a credit percentage of 20% to 35% applies to your expenses.
Your Maximum Allowable Child and Dependent Care Tax Credit
Adjusted
Gross Income | Credit
Percentage | One
Dependent | Two or more
Dependents |
|---|
|
|---|
| $15,000 or less | 35% | $1,050 | $2,100 |
|---|
| $15,001-$17,000 | 34% | $1,020 | $2,040 |
|---|
| $17,001-$19,000 | 33% | $990 | $1,980 |
|---|
| $19,001-$21,000 | 32% | $960 | $1,920 |
|---|
| $21,001-$23,000 | 31% | $930 | $1,860 |
|---|
| $23,001-$25,000 | 30% | $900 | $1,800 |
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| $25,001-$27,000 | 29% | $870 | $1,740 |
|---|
| $27,001-$29,000 | 28% | $840 | $1,680 |
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| $29,001-$31,000 | 27% | $810 | $1,620 |
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| $31,001-$33,000 | 26% | $780 | $1,560 |
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| $33,001-$35,000 | 25% | $750 | $1,500 |
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| $35,001-$37,000 | 24% | $720 | $1,440 |
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| $37,001-$39,000 | 23% | $690 | $1,380 |
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| $39,001-$41,000 | 22% | $660 | $1,320 |
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| $41,001-$43,000 | 21% | $630 | $1,260 |
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| $43,001 or over | 20% | $600 | $1,200 |
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When you claim a child or dependent on your tax return it can become very confusing in calculating deductions and what the qualifications are for certain deductions.
Freeman and Company has the answers to all your tax questions! For more information call Geoff at: CALL 1 (888) 462-8297.
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