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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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UPDATE - Taxes - Child Care credit???
Has this changed this year?
I'm working on our taxes and this just doesn't seem right?
Last year we got $1,200 Child Care credit and this year we're only getting $200? We even spent $4,000 more on childcare? How can we get so much less when we paid so much more? 
I'm using Turbo Tax online. According to the actual calculations we should be getting the same $1,200 but not when you put the numbers in Turbo Tax?
Does anyone know if something has changed this year as opposed to last year?
TIA!
Message edited 1/31/2012 11:58:35 AM.
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Posted 1/30/12 2:01 PM  |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: Taxes - Child Care credit???
i havent gotten that far yet with my return in turbo tax online. are you talking about daycare credit? b/c last year i believe even though we spent $9000 in daycare we can only write off the max of $3000. I was not aware that has changed.
i would contact turbo tax or check the irs website. maybe they have info there?
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| Posted 1/30/12 2:15 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Taxes - Child Care credit???
i thought it was $600?
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| Posted 1/30/12 2:17 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: Taxes - Child Care credit???
according to turbo tax help:
The Child and Dependent Care Credit is calculated as a percentage of work-related daycare expenses not covered by your employer (subject to a $6,000 cap for two or more qualifying individuals) and that percentage ranges from 20-35%. Without knowing your AGI and how much you paid in expenses that weren't covered, we can't tell you how much you should qualify for.
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| Posted 1/30/12 2:17 PM |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: Taxes - Child Care credit???
Posted by IansMommy23
i thought it was $600?[/QUOTE
One child is $600. Two (or more, I believe) is $1200 ;)
This is assuming you are at the highest amount of income for the phaseout and that you had no employer / pretax contributions to daycare expense (I believe...).
We just did research on this :)
Message edited 1/30/2012 3:28:06 PM.
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| Posted 1/30/12 3:25 PM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Taxes - Child Care credit???
Posted by CaidensMommy
Has this changed this year?
I'm working on our taxes and this just doesn't seem right?
Last year we got $1,200 Child Care credit and this year we're only getting $200? We even spent $4,000 more on childcare? How can we get so much less when we paid so much more?
I'm using Turbo Tax online. According to the actual calculations we should be getting the same $1,200 but not when you put the numbers in Turbo Tax?
Does anyone know if something has changed this year as opposed to last year?
TIA!
Is your income the same as last year?
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| Posted 1/30/12 3:31 PM |
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bpmom
Feeling Blessed
Member since 6/07 2963 total posts
Name:
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Re: Taxes - Child Care credit???
I was just talking to my accountant about this today -- this is the first year we didn't have any DCs in daycare and he wanted to know if we could put them in even for a little bit of time so we could get the tax credit. (Not happening). I think he said it's up to $3k per child that you can count towards the credit??
And I didn't know that before care and aftercare for elementary-aged children counts towards the credit? He said that as long as you're supplementing what the public school system offers, and not competing with it, you can apply the tuition/fees towards the credit (except sleep-away camp).
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| Posted 1/30/12 9:18 PM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Taxes - Child Care credit???
Posted by BargainMama
Posted by CaidensMommy
Has this changed this year?
I'm working on our taxes and this just doesn't seem right?
Last year we got $1,200 Child Care credit and this year we're only getting $200? We even spent $4,000 more on childcare? How can we get so much less when we paid so much more?
I'm using Turbo Tax online. According to the actual calculations we should be getting the same $1,200 but not when you put the numbers in Turbo Tax?
Does anyone know if something has changed this year as opposed to last year?
TIA!
Is your income the same as last year?
It's under a $2,000 difference? I just wouldn't think it would be such a difference? Did they give back more for it last year? Maybe that's why?
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| Posted 1/31/12 8:31 AM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Taxes - Child Care credit???
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| Posted 1/31/12 8:41 AM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Taxes - Child Care credit???
Posted by CaidensMommy
Posted by BargainMama
Posted by CaidensMommy
Has this changed this year?
I'm working on our taxes and this just doesn't seem right?
Last year we got $1,200 Child Care credit and this year we're only getting $200? We even spent $4,000 more on childcare? How can we get so much less when we paid so much more?
I'm using Turbo Tax online. According to the actual calculations we should be getting the same $1,200 but not when you put the numbers in Turbo Tax?
Does anyone know if something has changed this year as opposed to last year?
TIA!
Is your income the same as last year?
It's under a $2,000 difference? I just wouldn't think it would be such a difference? Did they give back more for it last year? Maybe that's why?
Probably moves you to a different tax bracket, and it's based on your income, and how much you paid. It's not a flat credit like the child credit (a credit you get for just having a child).
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| Posted 1/31/12 9:32 AM |
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BargainMama
LIF Adult
Member since 5/09 15657 total posts
Name:
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Re: Taxes - Child Care credit???
And I didn't know that before care and aftercare for elementary-aged children counts towards the credit? He said that as long as you're supplementing what the public school system offers, and not competing with it, you can apply the tuition/fees towards the credit (except sleep-away camp).
Before and after care ARE childcare. Any type of legal childcare where a parent works (or goes to school they say), is eligible. If you have a babysitter you pay off the books, and she doesn't claim the income, then you can't claim the credit.
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| Posted 1/31/12 9:34 AM |
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Rachie
LIF Infant
Member since 2/09 280 total posts
Name:
Rachel
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Re: Taxes - Child Care credit???
I am about to do my taxes with accoutant. Do I need anything to get the tax credit. My son is in daycare two days a week?
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| Posted 1/31/12 9:38 AM |
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3monkies
Love my babies
Member since 10/09 1181 total posts
Name:
Sharon
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Re: Taxes - Child Care credit???
I'm almost positive its based on your tax bracket....
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| Posted 1/31/12 9:45 AM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: UPDATE - Taxes - Child Care credit???
ok, this is embarrassing, but it was me all along. User error BIG TIME!!! I had 0 in the forfeit question that they ask you during the dependant care section. I saw that I had something there from last year, but didn't think anything of it. It's ok, because just from correcting that one error, we're getting back almost $1,500 more!  
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| Posted 1/31/12 12:00 PM |
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