Dependent Care Credit 1. What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits Dependent Care Credit.

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Presentation transcript:

Dependent Care Credit 1

What is a Tax Credit Credits are designed to offset tax liability Refundable credits Nonrefundable credits Dependent Care Credit is nonrefundable 2

Rules Qualifying Child Rules o Child must be under the age of 13 o Must be a qualifying child o Age rule does not apply if the person is mentally or physically incapable of self-care o Child must live with the taxpayer for more than half of the year. Expense Rules o Expenses incurred while parent is working or looking for work o School expenses are not eligible o Summer day camp qualifies, no over night camps 3

More Rules No MFS filing status Must have earned income Must have the care providers address, name, and tax ID number/SSN 4

TaxWise Main Info Page Check the box for DC o DC – Dependent Care Credit o Automatically adds form 2441 to tax return 5

TaxWise Form

TaxWise Form 2441 Continued 7