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Do you pay them to watch your child while you work? The Child and Dependent Care Credit (not to be confused with the similar-sounding Child Tax Credit) can reduce your tax bill if you paid for a dependent's care so that you could work or look for work.
To qualify for this credit, you must meet all of these criteria:
The credit is worth anywhere from 20% to 35% of your qualified expenses, up to $3,000 (for one qualifying person) and $6,000 (for two or more qualifying persons). Your percentage depends on your AGI, with the higher percentages applying to lower incomes and vice-versa.
TurboTax will determine your eligibility and calculate the maximum credit allowed.
Related Information:
Yes, if you pay your cousin to watch your child while you work.
If you claim the dependent care credit, the next question is how does your cousin report her income. The answer is different depending on whether she baby sits in your home or hers.
He watches him in my home while at work. I pay him through an app that gives him his own dedit card
he watches him in my home. I pay him through an app which gives him his own debit card.
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