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Deductions & credits
That looks right John! You are getting a tax break on the full $10K. You have $5k in wages that were not taxed. And the remaining $5k that you paid out of pocket is eligible for the credit. Your credit for eligible expenses is 50% (that is based on your AGI), so your Child and Dependent Credit is $2500. You will see that on Schedule 3.
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March 23, 2022
7:22 PM
2,072 Views