There is a "catch" to that----you must actually find a job and begin working at a job in the tax year in order to get the childcare credit. Did you begin working in 2024?
The credit is based on your actual income or your spouse's income, whichever is lower. So even though the care is considered "qualified" if you are unemployed and looking for work, you can't actually claim a credit unless you got paid something.
Ok, understood
I was under the thinking that the minimum wage calculation of @250/month for full time students is also applicable for looking for work. Anyway I am not eligible to claim it now
@jbharath11 wrote:
Ok, understood
I was under the thinking that the minimum wage calculation of @250/month for full time students is also applicable for looking for work. Anyway I am not eligible to claim it now
Correct. The imputed income calculation for students does not apply to unemployment. That's just how the law was written.