2013 – 2014 Federal Child and Dependent Care Tax Credit

dependent care tax creditThe 2013 – 2014 Child and Dependent Care Tax Credit (DCTC) is available to parents who, in order to work or to look for work, pay for child care services for children under age 13.

Families may be able to reduce their federal income tax by claiming this credit on their tax returns. The credit is a percentage, based on adjusted gross income, of the amount of work-related child and dependent care expenses paid to a care provider. The credit can range from 20 to 35 percent of a family’s qualifying expenses, depending upon income.

To claim the credit:

File a 2012 – 2013 federal income tax return form 1040 or 1040A (not EZ), or file a form 8812 “Additional Child Tax Credit.

Additional details:

    Families can receive a tax credit of up to $1,050 for one qualifying child, or $2,100 for two or more qualifying children.

    Families can use up to $3,000 of the child care expenses paid in a year for one qualifying child, or $6,000 for two or more qualifying children.

    Dollar limits for DCTC must be reduced by the amount of any dependent care benefits your employer provides that you exclude from your income.

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