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Posted by jueis on November 23, 2007, 8:04 am
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If you hire someone to take care of your child or dependent while you
are at work, you may be able to claim a credit. To qualify, you have
to incur the care expenses while earning an income, you pay for at
least 50 percent of the costs of the dependent, you file jointly if
you are married, you hire someone other than your child who is older
than 19, and you report the identifying information of your caretaker.
The credit depends on your income and only applies to the first $3,000
spent for one child, or $6,000 for two or more children. You get a 35
percent credit for an adjusted gross income under $15,000, and it is
decreased by one percent for every $2,000 of adjusted gross income, If
your adjusted income is over $43,000, the maximum allowed credit is
$600 for one child and $1,200 for two or more children.
http://qs138.com/tax-law/tax-deductions-credits/child-and-dependent-care-credit.htm
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