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Child and Dependent Care Credit Decreased from $1200 to $200. Why?
We have 3 kids, over $6,000 in yearly child care costs, and income over $43,000.
In 2018 we filed using TurboTax. It generated a Form 2441 and Schedule 3 that gave us a full $1200 child and dependent care credit.
For 2019, it is only showing a $200 credit, even though our situation has changed very little.
My understanding is it is a 20% credit of up to $6000 in care costs for 2+ children. That should be $1200 like last year. Why is it only showing $200 for this year?
I posted this prior and the first response suggested it was because our total tax was $0. I mistakenly thought that was correct and marked it as best answer, but we do have a total tax of $1700. Reposting for more ideas. Thanks.
‎April 15, 2020
7:15 PM