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nmjenk01
New Member

I found an additional child care expense, would it be worth it to amend my tax returns?

 
1 Best answer

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KarenL2
Level 5

I found an additional child care expense, would it be worth it to amend my tax returns?

Maybe.  It really depends on your income and the amount of expense you already entered.  Perhaps the information below will help when you look at your tax return to find how much you received. 

The Child and Dependent Care Credit is what is called a non-refundable credit which means you have to have a tax liability to benefit from it.  That means that it will only reduce your regular income tax liability (if you had one).  Additionally, the income you have must be "earned" income from a job or your business, and not from investments or other sources.

The IRS Child and Dependent Care Expense Credit can reduce your tax bill if you paid for a dependent's care so that you could work or go to school full-time. There is no minimum amount you have to spend to qualify.

The credit is worth up to $3,000 per dependent – with a maximum of $6,000 for two or more dependents – as long as you (and your spouse, if you're filing jointly):

  1. Have earned income; and
  2. Paid someone else to care for a child under age 13, disabled spouse, or dependent; and
  3. Paid the expenses so you could work, look for work, or go to school full time.

What is the Child and Dependent Care Credit?
https://ttlc.intuit.com/replies/3301418


View solution in original post

1 Reply
KarenL2
Level 5

I found an additional child care expense, would it be worth it to amend my tax returns?

Maybe.  It really depends on your income and the amount of expense you already entered.  Perhaps the information below will help when you look at your tax return to find how much you received. 

The Child and Dependent Care Credit is what is called a non-refundable credit which means you have to have a tax liability to benefit from it.  That means that it will only reduce your regular income tax liability (if you had one).  Additionally, the income you have must be "earned" income from a job or your business, and not from investments or other sources.

The IRS Child and Dependent Care Expense Credit can reduce your tax bill if you paid for a dependent's care so that you could work or go to school full-time. There is no minimum amount you have to spend to qualify.

The credit is worth up to $3,000 per dependent – with a maximum of $6,000 for two or more dependents – as long as you (and your spouse, if you're filing jointly):

  1. Have earned income; and
  2. Paid someone else to care for a child under age 13, disabled spouse, or dependent; and
  3. Paid the expenses so you could work, look for work, or go to school full time.

What is the Child and Dependent Care Credit?
https://ttlc.intuit.com/replies/3301418


View solution in original post

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