1040A Child Care Credit Tips

Video Transcript

Once you've determined your tax on line 28, there's credits available on lines 29 through line 33 that can directly reduce your tax. The one we're going to talk about now is credit for child and dependent care expenses and you'll see this refers to schedule 2. Schedule 2 for child and dependent care expenses for form 1040A, this credit can be as much as $1,050 or up to $2,100 if you have more than one qualifying individual. There's several tests that you need to go through to determine if you can claim this credit. The care must be for one or more qualifying persons who are identified on the form you use to claim the credit. And if you and your spouse are married, you must have earned income during the year. You must pay child and dependent care expenses so you and your spouse, if you're married, can work or look for work. And you must make payments for child and dependent care to someone neither you nor your spouse can claim as a dependent. If you notice on schedule 2, you must provide the care provider's name, address, and an identifying social security number or employment ID number. And, you must have a filing status as either single, head of household, qualifying widower or widow with dependent child, or married filing jointly.

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