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how does the tax credit for childcare work?
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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how does the tax credit for childcare work?
The sitter said she is using her ss# as her ID #. Is there an area where I claim this and the expense? I am soooooo confused. Also what protion do you get back?
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Posted 3/5/08 10:45 AM  |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: how does the tax credit for childcare work?
When you get your taxes done you need to give your accountant her social security # to get credit.
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| Posted 3/5/08 12:01 PM |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: how does the tax credit for childcare work?
Posted by jellybean1420
When you get your taxes done you need to give your accountant her social security # to get credit.
I am doing it online using turbo tax. I assume there is a spot to put this info?
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| Posted 3/5/08 12:39 PM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
*
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Re: how does the tax credit for childcare work?
Posted by PrincessP
Posted by jellybean1420
When you get your taxes done you need to give your accountant her social security # to get credit.
I am doing it online using turbo tax. I assume there is a spot to put this info?
Yes there is a spot for it. It will walk you through and ask if you've paid anything for childcare and you will put in the SSN as the provider ID number along with her address. You only can claim up to $3k for one child and you get a very small percentage back.
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| Posted 3/5/08 3:16 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: how does the tax credit for childcare work?
Kind of off topic but next year, if your employer offers a 125 acccount, it actually helps you out more. The max you can take out of your pay pre-tax is $5k and it reduces your overall income when you go to pay taxes on it.
Message edited 3/5/2008 3:23:01 PM.
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| Posted 3/5/08 3:22 PM |
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