- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I reported $24,000 in dependent care expenses for my 3 kids. After completing the wizard it gives me a credit total of $239.00. Shouldn't it be 20% of $6,000? (=$1200)?
Married filed jointly, 3 kids.
Total W-2 income $274k.
Total dependent care eligible expenses (day care + day camp) = $24,604
Paid through employer dependent care FSA - $4,807, which leaves $19,807 of eligible expenses for the dependent care tax credit.
So my tax credit should be 20% of the maximum of $6,000 eligible expenses = $1,200.
TruboTax is determining that I'm eligible for a $239 credit in that category.
What am I missing here or is TurboTax wrong?
Total W-2 income $274k.
Total dependent care eligible expenses (day care + day camp) = $24,604
Paid through employer dependent care FSA - $4,807, which leaves $19,807 of eligible expenses for the dependent care tax credit.
So my tax credit should be 20% of the maximum of $6,000 eligible expenses = $1,200.
TruboTax is determining that I'm eligible for a $239 credit in that category.
What am I missing here or is TurboTax wrong?
Topics:
‎January 25, 2023
12:53 PM