Your child care costs may be allowed to afford you a child or dependent care credit, they would not be allowed as a deduction. You may be allowed up to $3,000 for one child and $6,000 if you have two or more children. The percentage of the child or dependent care costs allowed as a credit varies from 20 to 35 percent, depending on your income. The allowed expenses would be reduced by any non-taxable child or dependent care benefits offered by your employer.
Here is how you would enter your childcare expenses in TurboTax:
1. From the Federal module in TurboTax, go to the Deductions and Credits Section
2. Find the You and Your Family menu option
3. Choose Child and Other Dependents Tax Credit
4. Work through that section to enter your child or dependent care expenses
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