Wednesday, October 13, 2010

Child Care Resources Series: Child and Dependent Care Credit

3. Child and Dependent Care Credit

What is it?
  • a federal tax credit for working families and individuals for child or dependent care
Do I qualify?
  • if you pay for the care of a child 12 years or younger, or older individuals who are physically or mentally unable to care for themselves
  • if the child care to allow you or your spouse to work, or look for work
  • if you earned income (salaries, wages, tips, net income from self-employment)

How do I apply?
  • When filing your taxes, claim this credit by filling out Form 2441 with IRS form 1040 or 1040A
  • Have your taxes done for free by a trained volunteer with VITA

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