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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12675
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Are childcare, babysitting expenses deductible? can one pay

Customer Question

are childcare, babysitting expenses deductible?
can one pay for grandchildren's primary education.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

...

There IS a child care CREDIT, (which is better than a tax deduction, becasue it's a dollar for dollar deduction from your tax bill (rather than simply a reduction in your taxable income).

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To qualify for the child and dependent care credit, you must have paid someone to care for one or more of the following people:

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• A child age 12 or younger at the end of the year whom you claim as a dependent on your tax return
• Your spouse, if that person is unable to take care of himself or herself and has lived in your home for at least half the year
• Any other person claimed as a dependent on your return, if that person can't take care of himself or herself and has lived in your home at least half the year

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An you can can claim the credit for money you paid for care

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(as long as the recipient was not one of the following people:)

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• Your spouse
• A parent of the child being cared for - for example, you couldn't claim the credit if you pay your ex-husband or ex-wife to care for the children you have together
• Anyone listed as a dependent on your tax return
• Your own child age 18 or younger, regardless of whether he or she is a dependent on your tax return - for example, you couldn't pay your 17-year-old child to look after an 8-year-old sibling and then claim the credit

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And on your questoin about the education payment ... only higher education (post 12th grade), so sorry, carries tax deductions and credfits (there are severa)

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You can nread more about the child care credit here:

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https://www.irs.gov/uac/ten-things-to-know-about-the-child-and-dependent-care-credit

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And you can read more about the various educational tax incentives here.

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https://www.irs.gov/uac/tax-benefits-for-education-information-center

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

Otherwise I’m working for no crediting at all here

...

Thank you!

Lane

I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.