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I under estimated how much we spent on child care last year by more than $2,000. I have already filed our tax return. Is this worth amending it for?

 
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IsabellaG
Employee Tax Expert

I under estimated how much we spent on child care last year by more than $2,000. I have already filed our tax return. Is this worth amending it for?

It depends. The credit is based on up to $3000 for one Qualifying Person or up to $6000 for two or more Qualifying Persons. The maximum credit is $2100 for up to two Qualifying Persons. 

Review a copy of your Form 1040, line 49 and Form 2441 to see how much you claimed for the credit and for the expenses. Check line 3 of Form 2441 to see if the expenses you claimed were less than the maximum. If so, you might want to amend your return. Keep in mind that a credit is a dollar for dollar reduction of your tax, so that $2100 maximum credit is worth $2100. 

https://www.irs.gov/pub/irs-pdf/f1040.pdf

https://www.irs.gov/pub/irs-pdf/f2441.pdf

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IsabellaG
Employee Tax Expert

I under estimated how much we spent on child care last year by more than $2,000. I have already filed our tax return. Is this worth amending it for?

It depends. The credit is based on up to $3000 for one Qualifying Person or up to $6000 for two or more Qualifying Persons. The maximum credit is $2100 for up to two Qualifying Persons. 

Review a copy of your Form 1040, line 49 and Form 2441 to see how much you claimed for the credit and for the expenses. Check line 3 of Form 2441 to see if the expenses you claimed were less than the maximum. If so, you might want to amend your return. Keep in mind that a credit is a dollar for dollar reduction of your tax, so that $2100 maximum credit is worth $2100. 

https://www.irs.gov/pub/irs-pdf/f1040.pdf

https://www.irs.gov/pub/irs-pdf/f2441.pdf

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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