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Can you deduct more than 5000 of child care off your taxes?
You figure your child/dependent care credit on up to $3,000 actual expenses for one child/dependent or up to $6,000 actual expenses for two or more children/dependents. Form 2441 is Child and Dependent Care Expenses. The amount of the credit is entered on line 48 (Credit for Child and Dependent Care Expenses) of Form 1040 or on line 29 of Form 1040A. For more information, go to www.irs.gov/taxtopics for Topic 503 (Child and Dependent Care Expenses). Also go to www.irs.gov/formspubs for Publication 503 (Child and Dependent Care Expenses).
Tax exemption for child care providers?
A individual taxpayer does not get a exemption for a child care provider. Are you a child care provider? Or a individual taxpayer wanting some information about the income tax credit for child and dependent care expenses? For the credit for child and dependent care expenses go to the IRS gov web site and use the search box for Publication 503 (2009), Child and Dependent Care Expenses Click on the below Related Link
Can you claim babysitting as an expense to determine child support?
Child care expenses will be figured in to the financial statements used to calculate the child support amount.Child care expenses will be figured in to the financial statements used to calculate the child support amount.Child care expenses will be figured in to the financial statements used to calculate the child support amount.Child care expenses will be figured in to the financial statements used to calculate the child support amount.
Can a veteran living overseas utilize his or her APO box to meet the living in the US requirement for the child tax credit?
Yes, expats are also able to claim this credit for a qualifying child or dependent. The normal child care tax credit requirements apply even if you're abroad. You might qualify for a credit for the child care expenses paid to a foreign care provider so that you (and your spouse) can work or look for work.
If you pay pretax dollars on a cafeteria plan towards FSA Dependent care can you still claim the child care credit?
No you can use one or the other, but not both, unless you are paying qualified child care expenses for two or more children. The FSA limit is $5,000 regardless of the number of children. The Child Care Tax Credit limit is $3,000 for one child, and $6,000 for two or more children. If you are paying for more than two children, you can use your FSA for the first $5,000 of expenses, and have $1,000 left over for the tax credit. Consult your tax advisor for more details.
As a non-custodial parent can you claim child care expenses and back child care expense?
On what?
Can daycare be used as a tax deduction?
No, taking care of yourself and family are personal expenses paid with after tax money. I agree, but you could be eligible for a child tax credit: A taxpayer who has a dependent child under age 17 probably qualifies for the child tax credit. This credit, which can be as much as $1,000 per eligible child, is in addition to the regular $3,500 exemption claimed for each dependent. A change in the way the credit is figured means that more low- and moderate-income families will qualify for the full credit on their 2008 returns. The child tax credit is not the same as the child care credit. Details on figuring and claiming the child tax credit can be found in IRS Publication 972 (PDF format).
Do you get more money for a younger child when claiming taxs?
When you claim a child that is under 17 maybe. You may qualify for the Child Tax Credit or the Additional Child Tax credit. Also if you pay for child care you may qualify for The Child and Dependant Care Credit.
If you authorize someone else to use your credit card and that person does not have good credit does that affect your credit score?
No they don't care, so long as the expenses on your credit card are paid.
Can foster care reimbursement be garnished?
No, that is not an income or salary. That is like child support for the foster child and should cover the expenses for that child.
If you have a flexible spending account can you qualify for the child and depende NT care credit?
The child care tax credit limit is $3,000 for one child, and $6,000 for two or more children. The Flex limit is $5,000. If you are paying for one child the answer is no. If you are paying for two or more children, you can utilize the extra $1,000 and apply it to your Child Care Tax Credit.
Can child care paid through child support be claimed on taxes?
Yes, if you paid for child care, regardless of where the income comes from, you can claim the Child and Dependent Care Credit.
