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Dependent Care Credit
What is dependent care credit?
The dependent care credit is a type of
credit given to parents that are working
for unreimbursed expenses that they pay for the child or the dependent while the parent is working or looking for work. There are certain requirements for a person to meet before they would qualify to receive the dependent care credit.
If a person qualified to receive the dependent care credit for a disabled spouse on their federal tax return, when they are asked the same question on their Iowa state return, are they meaning the same person?
In the state of Iowa, when the state tax return asks for the disabled dependent information, then the person would input their disabled spouse’s information. The state of Iowa does not have a dependent care
, but they do allow for there to be a
of up to $5000.
If a person was a stay at home parent for the year of 2009, can the parent claim the child care credit for the year 2009 if they placed their child in a daycare?
If the parent is a stay at home parent, then the parent would not be able to claim the dependent care credit unless they are working or looking for work. If the parent is married, then both parents would have to have earned income to claim the dependent care credit. If the stay at home parent had proof that they were looking for employment, then they would be able to claim the dependent care credit.
How much is child care tax credit in Illinois?
If the person that is filing for taxes paid someone to care for a child, spouse, or dependent, then they may be able to use the dependent care credit when they file their federal
return. The person would be able to use up to $3000 for one child and $6000 for two or more children and the credit would be figured at 35% of the qualifying expenses. The person would need to use form 2441 line 8 to figure the dependent care credit.
Can a person claim both the dependent care credit on their federal return and caregiver tax exemption on their Georgia state taxes?
In the state of Georgia, the O.C.G.A. Statute 48-7-29.2 states;
“provides for a qualified care giving expense credit. This is a credit of 10 percent of the qualified care giving expenses for a qualifying family member. The credit cannot exceed $150. The requirements are as follows: 1. Qualified care giving expenses are defined as home health agency services, personal care services, personal care attendant services, homemaker services, adult day care, respite care, or health care equipment and other supplies which are determined to be medically necessary by a physician. 2. Qualified care giving expenses do not include expenses that were subtracted to arrive at Georgia net taxable income or with respect to any qualified care giving expenses for which amounts were excluded from Georgia net taxable income. 3. The care giving services must be purchased or obtained from an organization or individual not related to the taxpayer or the qualifying family member. 4. The qualifying family member must be at least age 62 or be determined disabled by the Social Security Administration. A qualifying family member is defined as the taxpayer or an individual who is related to the taxpayer by blood, marriage or adoption. 5. There is no carryover or carry-back available. 6. The credit cannot exceed the taxpayer's income tax liability.”
The person would generally not be able to claim both of the credits, so they would need to choose the credit that would benefit them the most.
The dependent care credit helps reimburse a person for dependent care so that they can continue to work and bring in money for their families. When a person is filling out their taxes and they have expenses that are associated with dependent care, then they may have questions regarding what is considered to be dependent care. When these questions arise, then the person would need to gain the answers from an Expert.
Recent Dependent Care Credit Questions
ok..so last year..2013 tax year... my husband and I filed an
ok..so last year..2013 tax year... my husband and I filed an extension. In October, we began the tax preparation process with turbo tax. We were filling jointly. My husband was a self-employeed painter. I work for a golf course and receive a w2, so no problem there. When it came to doing expenses there was a lot of confusion and we let it get past extension deadline and never filed. There will likely be as much confusion this year.
We are considering filing separately . I want to start my own business and am trying to aviod too many credit standing problems. So my questions
1. Can I file for 2013 separately even though we filed a joint extension? Are there any extra forms involved that need to be filed?
2. Can I file 2014 taxes separately?
I plan on taking his taxes to an accountant to get sorted out but will file an extension for 2014 for him. I will try to do 1040ez or 1040.
Lane, Need to clear up whether child tax credit is allowable
Lane, Need to clear up whether child tax credit is allowable -
Divorced parents - Mother HOH Father Single. Filing Form 8332 cause Mother is releasing exemption of 1 child to father. My tax software is allowing the father to take the child tax credit and disallowing the mother to take it because child is not her dependent this year. I have had several tax returns with unmarried parents and the HOH would get all the benefits. Does this Single divorced taxpayer get the child tax credit?
I am in the middle of a divorce....my husband who makes $18K
I am in the middle of a divorce....my husband who makes $18K per year and I have shared 50/50 physical custody per a custody agreement put in place in April 2014. I made $99K in 2014. Since January of 2014 I have been paying alimony and child support as well as paying 100% of my child's private education bill of $750 per month. While we have shared 50/50 custody since April of 2014, there was a period of time in March of 2014 when my husband had our son for approx. 10 overnights more than I did due to a domestic incident with another person directed at me. For my son's safety I requested that he remain with my husband during those "extra" nights. I want to be able to claim my son as a dependent for 2014 but my husband is refusing and saying that he is going to claim him. Am I able to justify claiming him myself because the overnight difference was so few and for a special reason? If I do file and claim him anyway and my husband comes back to fight me over it, what would that mean for me?
thanks so much for your prompt reply!!!
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