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Started By
Message
Does this sound right?? ie TAX question
Posted on 4/7/13 at 8:40 pm
Posted on 4/7/13 at 8:40 pm
I spent 12k bucks in 2012 on child care.
I got a 1200 deduction.
WTF?
Does that sound right?
I got a 1200 deduction.
WTF?
Does that sound right?
This post was edited on 4/7/13 at 8:45 pm
4
Posted on 4/7/13 at 8:50 pm to TIGRLEE
quote:
I spent 12k bucks in 2012 on child care.
I got a 1200 deduction.
You got a 1200 deduction? or you saved 1200 on your taxes?
Posted on 4/7/13 at 8:56 pm to Vols&Shaft83
Deduction
Posted on 4/7/13 at 9:06 pm to TIGRLEE
quote:
Deduction
Doesn't sound right
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
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.
Posted on 4/8/13 at 5:36 am to MikeBRLA
quote:
Is it a tax credit or a deduction.
I would have to believe the question was regarding the tax credit.
Posted on 4/8/13 at 8:59 am to TIGRLEE
quote:
I spent 12k bucks in 2012 on child care.
Enroll the little guy in Law School. Cheaper.
Posted on 4/8/13 at 9:04 am to TIGRLEE
Makes me feel better about myself since I spent $10K on my two... 
Posted on 4/8/13 at 12:08 pm to OnTheBrink
$1867.50 per month ($22,410 per year) on two in child care. FML.
This post was edited on 4/8/13 at 12:11 pm
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