Child and Dependent Care Credit is auto filling for $1200.00. Even if the lowest amount of 20% of our child care expense were taken that would be over $4000.00.

We paid $20,250.00 last year for daycare for our 2 daughters. I keep reading about this credit and everything says I should be getting a minimum of $4050.00 or a maximum of $7,087.50. Is Turbo Tax Broken again for the third year in a row or am I missing a factor? HELP

196

Level 15

Feb 1, 2024 5:44:52 PM

The maximum eligible expenses are $6000, and the credit is 20% of that (for most people). In 2021 the limit was temporarily increased for the pandemic but that was just for one tax season.

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Child and Dependent Care Credit is auto filling for $1200.00. Even if the lowest amount of 20% of our child care expense were taken that would be over $4000.00.