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Started By
Message
re: Does this sound right?? ie TAX question
Posted on 4/7/13 at 9:06 pm to TIGRLEE
Posted on 4/7/13 at 9:06 pm to TIGRLEE
quote:
I spent 12k bucks in 2012 on child care.
I got a 1200 deduction.
WTF?
Does that sound right?
The maximum amount of expenses that can be used for two or more children is $6,000. Once adjusted gross income exceeds $43,000, the deduction is 20% of the maximum expenses. This would lead to $1,200 being correct. This is the nonrefundable dependent care credit.
This post was edited on 4/7/13 at 9:10 pm
2
Posted on 4/7/13 at 9:34 pm to LSUTiger13
Ok then.
Posted on 4/7/13 at 9:50 pm to LSUTiger13
I'm curious about this topic as well. What is confusing in this thread is the OP said they got a deduction but then the post that explained it said
Is it a tax credit or a deduction. Obviously the difference is huge.
quote:
This is the nonrefundable dependent care credit
Is it a tax credit or a deduction. Obviously the difference is huge.
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