daycare expenses tax write off?

Question

When claiming your daycare expenses on your taxes, do you get everything back that you paid???

Answer 1

Yes, minus the poopie diapers.

Answer 2

No. Most people get $600 or $1200. You get a credit of 20% of the first $3000 paid on the first two kids. If your income is lower, the percentage can be a little higher.

Answer 3

Sorry, yet for federal income tax applications there is not any way your father can take your youngster's daycare as a deduction. there is not any such component as an "preparation present" and preschool would not even qualify for the preparation credit or deductions that do exist. the in user-friendly words credit for which preschool prices qualify is the youngster care credit and that credit is in user-friendly words accessible to the guy who has widely used actual custody of the youngster. in case you would possibly want to otherwise qualify for the youngster care credit, perhaps your father might want to easily provide you with the money that then you definately use to pay your youngster's daycare prices, you declare the credit and present your father decrease back the quantity of the credit.

Answer 4

Depends on how much you paid - we pay $11,000 annually for daycare, and we don't get nearly that much back in credits. Check with your employer to see if they offer a Dependent Care Flexible Spending Account (FSA). This way, you can pre-tax up to $5,000 annually.

Answer 5

If you paid someone to care for your dependent under age 13 or your disabled dependent or spouse so that you could work or look for work, you may be able to claim the credit for child and dependent care expenses.

Answer 6

no i believe it is 3000 per child. There are many limitations and formulas that you must go through however if you have any tax prep software it will do it all for you.

Answer 7

No. You get a percentage of it, subject to certain limits.