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Louisiana Child Care Tax Credit Carryover
Posted on 3/3/14 at 3:52 pm
Posted on 3/3/14 at 3:52 pm
This is likely a question best suited for a CPA, but, I'll shoot.
My two year old son has been in a daycare since October 2012, and as such, eligible for both the state child care credit and child care readiness credit. Both of these are of course tied to your AGI and reduced accordingly.
For example in Tax Year 2012:
Child Care Tax Credit: $15
Child Care Readiness Credit: $15
Since the max allowable is $50 for each, am I correct in stating that the carryover is $35 a piece for TY2013? I understand that they are both non-refundable credits for those with AGI's over 25k, but the guidance isnt so clear with the application of the excess.
Any help is much appreciated.
My two year old son has been in a daycare since October 2012, and as such, eligible for both the state child care credit and child care readiness credit. Both of these are of course tied to your AGI and reduced accordingly.
For example in Tax Year 2012:
Child Care Tax Credit: $15
Child Care Readiness Credit: $15
Since the max allowable is $50 for each, am I correct in stating that the carryover is $35 a piece for TY2013? I understand that they are both non-refundable credits for those with AGI's over 25k, but the guidance isnt so clear with the application of the excess.
Any help is much appreciated.
This post was edited on 3/3/14 at 3:53 pm
Posted on 3/3/14 at 4:12 pm to lsugolfredman
Nope...pretty sure you just don't get the full credit. What'd be the point of having AGI limit's?
Posted on 3/3/14 at 4:31 pm to Ray Finkle
So my guess is that the taxpayer would only really realize a marginal benefit of said carryover would be if the parent(s) AGI drop below 25k, or the year after daycare ends.
Can't see the purpose of a carryover otherwise.
Can't see the purpose of a carryover otherwise.
Posted on 3/3/14 at 5:10 pm to lsugolfredman
The disallowed credits can carryover for up to 5 years.
Posted on 3/3/14 at 5:15 pm to Poodlebrain
Was hoping you'd see this. So was my last post correct though? I knew it could be carried over for 5 years, but not beyond the refundable allowance?
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