erinm0717
Expert Alumni

Deductions & credits

Hi Adamsl22!

The Child Care credit is can change based on income but usually increases with a decreased amount of income.  Every situation is different though.  Here is a link with some great information on this credit: https://turbotax.intuit.com/tax-tips/family/the-ins-and-outs-of-the-child-and-dependent-care-tax-cre....  

This year, there was a way to reconcile the stimulus amount changes on the tax return.  For the third stimulus payment, there will be a way to claim this on your taxes for the 2021 tax year in 2022.  More information should come out on this as we get closer to the 2021 tax season.  In 2020, no one was required to pay back the stimulus but they have not set the rules for 2021 yet.  Here is a calculator for the 3rd stimulus payment: https://turbotax.intuit.com/stimulus-check/.  I hope this helps and have a great day!

 

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