It sounds like you are mixing two things which are separate and unique. There is the child tax credit of $1,000 (in Tax Year 05; it may be higher for Tax Year 06) for which you could claim, provided the dependent child meets the qualifications as follows:
A qualifying child for purposes of the child tax credit is a child who:
Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, or a descendant of any of them (for example, your grandchild),
Was under age 17 at the end of 2005,
Did not provide over half of his or her own support for 2005,
Lived with you for more than half of 2005. (see Exceptions to “time lived with you” condition), and
Was a U.S. citizen, a U.S. national, or a resident of the United States. If the child was adopted, see Adopted child.
Additionally, there is the "Child and Dependent Care Credit"
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–time student or was physically or mentally incapable of self–care. The expenses you paid must have been for the care of one or more of a qualifying individual.
2006-11-24 00:19:22
·
answer #1
·
answered by Country Boy 5
·
0⤊
0⤋
The credit is a percentage of the amount of work-related child and dependent care expenses you paid to a care provider. The credit can be up to 35 percent of your qualifying expenses, depending upon your income.
More info:
http://www.irs.gov/newsroom/article/0,,id=106189,00.html
2006-11-23 18:19:43
·
answer #2
·
answered by Anonymous
·
0⤊
0⤋
Only one of you can claim the child as a dependent...normally that would be the one who has legal custody.
Any child care provider must also give you a social security # so they could be taxed for the income they recieved.
2006-11-23 18:20:17
·
answer #3
·
answered by Anonymous
·
0⤊
0⤋
No you don't have to spend at least $1,500. Whatever you spend, use that to calculate the credit.
2006-11-25 01:52:43
·
answer #4
·
answered by nova_queen_28 7
·
0⤊
0⤋