One credit many families may qualify for this year from the IRS is the child and dependent care credit, worth up to $3,000.
This credit is designed to offset the expenses that go into paying for raising a child while working or going to school.
There are some income limits and requirements for parents or guardians to be able to claim the credit.
Child and dependent care credit explained
The credit is specifically designed to pay for childcare or dependent care while a parent is working or looking for work.
In order to qualify, you need to be employed or actively seeking out work.
You need to have paid for more than half the cost of maintaining the home. This home must be where the child or dependent resides.
You can claim up to $3,000 for the credit. It’s based on your AGI and work related childcare expenses you end up with.
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