Hi there,
- Married filed jointly
- combined taxable income of $168k (both make roughly the same amount of money)
- no state income tax
- one child
- will pay about $22,000 in daycare expenses next year
We intend on putting $5,000 toward the flexible spending account offered by my employer, which leaves about $17,000 in daycare costs.
Are we still eligible for the child tax credit as well as the child and dependent care tax credit? And is the amount that we are eligible for the tax credit reduced based on our income?
Thank you!
