MAY I GET A TAX CREDIT FOR THE COST OF MY INLAWS DAY CARE?
I PAY $1000 A MONTH AND MY INCOME EXCEEDS $200,000 A YEAR
2007-04-01 17:40:53 · 2 answers · asked by qquizomd 1 in Business & Finance ➔ Taxes ➔ United States
tma is usually right, but not this time. The credit is known as the Dependent Care Credit, not the "Child Care Credit."
If your in-laws are your dependents AND if you incur daycare expenses in order for you to work or look for work (both you and your spouse must work if you are married) then you may claim the Dependent Care Credit.
Many deductions, credits and exemptions start to fade at high incomes. Your income may impact your situation. You'll need to prepare your return and claim the credit (if you're eligible) to see what the overall impact will be.
2007-04-02 01:18:01 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 1⤋
If you can claim your in-laws as dependents, you could claim their medical expenses as itemized deductions.
The childcare tax credit does not apply to seniors.
2007-04-02 03:52:28 · answer #2 · answered by tma 6 · 3⤊ 3⤋