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How can I claim Child Care Cost on my Taxes? (E-filing)? |
I am not too familiar with the Child Tax Credit this is my first time taking advantage of it.... I am a single parent of one. I have paid over 3,000 dollars in child care expenses this year... How do I go about claiming this expenseon my tax return .... Can I claim this e-filing on-line and does it take more time???? If you paid someone to care for a qualifying individual so you (and your spouse if you are married) could work or look for work, you may be able to claim the credit for child and dependent care expenses. If you are married, both you and your spouse must have earned income, unless one spouse was either a full鈥搕ime student or was physically or mentally incapable of self鈥揷are. The expenses you paid must have been for the care of one or more of the following qualifying individuals: Your dependent (under the rules for qualifying child) who was under age 13 when care was provided. For certain custodial parents, refer to Child of Divorced or Separated Parents in Publication 503 , Child and Dependent Care Expenses. A noncustodial parent, however, cannot treat a child as a qualifying person even if the parent may claim the child as an exemption. Your spouse who was mentally or physically not able to care for himself or herself and who has the same principal place of abode as you for more than one-half of the year. Your dependent who was physically or mentally not able to care for himself or herself, for whom you can claim an exemption, and who has the same principal place of abode as you for more than one-half of the year. In addition to the conditions just described, to take the credit, you must meet all the following conditions: You must provide the taxpayer identification number (usually the social security number) of the qualifying person. Your filing status must be a status other than married filing separate (You must file a joint return if you are married.) The payments for care cannot be paid to someone you can claim as your dependent, or to your child who is under age 19 even if he or she is not your dependent. You must report the name, address, and taxpayer identification number, (either the social security number, or the employer identification number) of the care provider on your return. If the care provider is tax exempt, you need only report the name and address on your return. You can use Form W-10 (PDF), Dependent Care Provider's Identification and Certification, to request this information from the care provider. If you qualify for the credit, complete Form 1040A, Schedule 2 (PDF), or Form 2441 (PDF) with Form 1040 (PDF). If you received dependent care benefits from your employer (this amount should be shown on your Form W-2 (PDF)), you must complete Part III of Schedule 2 (Form 1040A) or Form 2441. You cannot use 1040EZ if you claim the child and dependent care credit. The credit is a percentage, based on your adjusted gross income, of the amount of work鈥搑elated child and dependent care expenses you paid to a care provider. There is a maximum dollar limit of dependent care expenses you can use for this credit. The amount of the maximum dollar limit depends on the taxable year and the number of qualifying children. These dollar limits must be reduced by the amount of any dependent care benefits provided by your employer that you exclude from your income. Refer to Publication 503, Child and Dependent Care Expenses, for additional information. http://www.irs.gov/publications/p503/ind... Source(s): Internal Revenue Service 1-800-829-1040 It is claimed on Form 2441. You should be able to prepare this form online in conjunction with preparing your return and efile with it. Check with your online provider. It's just another SIMPLE form to complete. You will need the child care person't name, address & SS#. The child tax credit is separate from the Child Care credit, and you might be eligible for both. For the child care credit, you'll have to report the amount paid and who it was paid to. You'll need the person's social security number or EIN if it's an organization and not an individual. "BTW, you may be interested in some of the Tax Prep Deals I found that saves some money on tax prep services online. <a href="http://www.kqzyfj.com/click-1167113-1045... ">25% off Turbo Tax Federal + Free E-filing</a> <br><br> <a href="http://www.jdoqocy.com/click-1167113-104... ">35% off Turbo Tax Federal + Free E-filing </a><br><br> <a href="http://www.jdoqocy.com/click-1167113-104... ">15% Off Turbo Tax Federal and State + Free E-filing</a><br><br> <a href="http://www.jdoqocy.com/click-1... 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