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Old 02-11-2019, 01:00 PM
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Blackcat31 Blackcat31 is offline
 
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I have 0 clue about taxes as I too have someone more skilled in the field complete mine as well but I do know this popped up in e-mail not too long ago....

"How Much Is the Child and Dependent Care Credit?

The Child and Dependent Care Credit can be worth from 20% to 35% of some or all of the dependent care expenses you paid. The percentage you use depends on your income.

If your income is below $15,000, you will qualify for the full 35%. The percentage falls by 1% for every additional $2,000 of income until it reaches 20% (for an income of $43,000 or more).

The 20%-35% is taken from up to $3,000 of expenses paid for one Qualifying Person, or from up to $6,000 of expenses paid for two or more Qualifying Persons.

Therefore, the maximum Child and Dependent Care Credit is worth $2,100 (based on 2 or more dependents and $6,000 or more of qualifying expenses).

Before figuring the credit, you must reduce your qualifying expenses by any amount of child or dependent care benefits that were provided by your employer and that you deducted or excluded from your income.

The Child and Dependent Care Credit is not refundable, so it is not worth anything if you owe no income tax."
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