Quick Ball Park Scenario of Child Benefit for 2022

[DiegoVar]

Hello - thanks for taking my question. I will make 125K in income and will have paid 3k in childcare daycare expenses. What's a ballpark benefit I should see in taxes? Note this will be the first time I am head of household given that I will be claiming her. Thanks.   

[TimS5]

Unfortunately, we are unable to preform this type of calculation for you.  However, the TurboTax software has the ability to calculate an estimate for you.  If you type in your search engine TurboTax Estimator or click on the following, it will take you to the estimator:  Tax Calculator - Refund & Return Estimator 2022-2023

[MariaDG]

Hello DiegoVar, thanks for joining us today!
Good news, as long as your daughter is under 12 and you qualify to claim her as a dependent, you can claim the dependent care credit.  While it will be less for 2022 than it was under the special provisions for 2021, its still a great credit to claim.  The maximum amount of expenses you can claim for 2022 will be $3000, which is perfect for you!  You will get back between 20 and 35% depending on your adjusted gross income.  I don't believe those tables are published yet for 2022, but you can expect at least $600. 

Additionally, you will likely receive the child tax credit, which would  be $2000 for 2022.  

You will most likely not qualify for an earned income credit at your income level. 
Hope that helps!

[SuziM]

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