I am attempting to file my taxes and when I put all the numbers in, it states I only get $1,200 credit.
A little background:
- My wife and I both work full time
- We claimed Married-Joint
- We have 2 children (AGE 3) in daycare
- We paid $10,700 in childcare
- Our AGI is $101,878
- We took the standard $24,400 deductions
According to the help center and the IRS website, the deduction is:
- The credit is from 20% to 35% of your child care expenses, depending on your adjusted gross income (AGI). You can claim a credit for up to $3,000 in expenses for one child, or up to $6,000 in expenses for two or more children. If you use a dependent care account at work, those benefits are subtracted from the $3,000 or $6,000 cap.
My issue is that the $1,200 credit we received is only 11.214% of the total amount we paid and not the 20% which is the lowest, which we would qualify for because our AGI is above $43,000.
Did I miss something? Thank you.
