Hi @Palomarivero!
- The Child and Dependent Care Tax Credit reimburses up to 20% of costs for caring for a child or adult dependent. On your 2024 tax return, you can claim up to $3,000 for the cost of care for one qualifying person and $6,000 for care for two or more qualifying persons. Expenses paid for the care of a qualifying individual are eligible expenses if the primary reason for paying the expense is to assure the individual's well-being and protection.
A qualifying individual for the child and dependent care credit is:
- Your dependent qualifying child who was under age 13 when the care was provided,
- Your spouse who was physically or mentally incapable of self-care and lived with you for more than half of the year, or
- An individual who was physically or mentally incapable of self-care, lived with you for more than half of the year, and either: (a) was your dependent; or (b) could have been your dependent except that he or she received gross income of $4,700 or more, or filed a joint return, or you (or your spouse, if filing jointly) could have been claimed as a dependent on another taxpayer's 2023 return.
- This link will give you helpful information regarding 529 plans, which vary by state:
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You can claim a parent or another relative as a dependent. However, you and your parent or relative must meet all of these conditions:
- You can’t be someone else’s dependent, even if they don’t claim you as a dependent.
- Your parent or relative can’t file a joint return unless they’re only filing to get a refund.
- Your parent or relative must be one of these:
- U.S. citizen
- U.S. resident
- U.S. national
- Resident of Canada or Mexico
- The potential dependent must be one of these:
- Your parent, ancestor (ex: grandparent, great-grandparent), or sibling of either of them
- Stepsibling, stepparent, parent-in-law, son- or daughter-in-law, or brother- or sister-in-law
- Any person that lived with you for the entire year as a member of your household
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