I filed my taxes this year and I till do not understand why Turbo Tax says I am getting $0 credit for child care expenses.
2019 we paid 34k in daycare and received $1200 credit based on our income, in 2020 we paid about 25k due to daycare being closed.
I usually qualify for 20% of this credit and even with my pay raise that added about 25k I am still in that 20% range.
I followed all the steps that Turbo Tax gives me every year and I entered all of my daycare info so why wouldn't I still receive $1,200.00 credit?? It says 20% but $0 credit.
Am I missing something? I filed already so if this got screwed up can I amend this?
This is no income cap of the child and dependent care credit. You may have entered something wrong.
To receive the credit there would be amounts entered both for the amount paid for the child and an amount paid to the daycare. You may have missed entering expenses either in the child section or the facility section.
You can amend your return to add daycare expenses. See How do I amend my 2020 return?
Qualifying Person(s)
A qualifying person is:
1. A qualifying child under age 13 whom you can claim
as a dependent. If the child turned 13 during the year, the
child is a qualifying person for the part of the year he or
she was under age 13;
Kids are 5 and 2 and both of us worked full time. I entered the daycare information provided from the daycare like we do every year so I was surprised to have a $0 credit. Maybe I am missing something but I didn’t do anything different and it looks like we shouldn’t be phased out.