What is the Child and Dependent Care Credit

1. WHAT IS THE CHILD AND DEPENDENT CARE CREDIT 2020, 2021? The Child and Dependent Care Credit is a credit given to taxpayers who have to spend their money on taking care of their children. INTERNET TAX CONNECTION HOW MUCH IS THE CHILD CARE CREDIT AMOUNT? The amount you can get as part of your credit is determined by factors like your income and the number of children in your family.Thankfully, it’s relatively easy to understand because you can deduct a maximum of $3,000 for expenses if you have one child and $6,000 for more than one child. TRY THE CHILD CARE CREDIT CALCULATOR Do you want to find out how much a child care credit could be worth to you?Try using our child care tax credit calculator. All you have to do is answer some basic questions about how many children you have and how much you earn per year. CHILD CARE CREDIT AGE LIMIT There are age limits regarding whether a child is eligible to be claimed for the tax credit. The age limit is for children age 13 or younger at the end of the year. They can be claimed as a dependent on your tax return. CHILD CARE CREDIT PHASE-OUT The point where the child care credit begins to phase out has been increased due to the recent overhaul in tax laws. From 2018, the point where the child care credit will be phased out will be $200,000. For joint filers, this goes up to $400,000. HOW TO CALCULATE YOUR CHILD CARE CREDIT You can find out how much you’re entitled to by using our calculator. The dependent tax credit calculator will help you to find out how much you may be entitled to in seconds.If you file your taxes online, you can easily claim the child and dependent care credit. www.internettaxconnection.com/what-is-child- dependent-care-credit