
Anonymous
Not applicable
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
with only 1 child in daycare, and your adjusted gross income above $43,000 the credit rate is 20% and the maximum credit is $3,000. The maximum credit is determined by multiply the lower of your earned income or hers by 20%, so each of you would need $15,000 in earned income (wages, net schedule c income, se income from partnerships).
there is a further limit to tax liability before this credit.
this assumes your employer is mot providing and dependent care benefits
you should review form 2441 where the credit is computed.
‎September 3, 2019
10:54 PM