Kaelyn's mother, Judy, looks after Kaelyn's four-year-old twins so Kaelyn can go to work (she drops...
Kaelyn's mother, Judy, looks after Kaelyn's four-year-old twins so Kaelyn can go to work (she drops off and picks up the twins from Judy's home every day). Since Judy is a relative, Kaelyn made sure, for tax purposes, to pay her mother the going rate for child care ($6400 for the year). Judy is not a dependent relative of Kaelyn. What is the amount of Kaelyn's child and dependent care credit if her AGI for the year was $37,000?
Homework Answers
The tax credit is a percentage of the daycare expense of upto $6,000 for two dependents so out of $6,400, $6,000 will be eligible for the tax credit.
The applicable percentage for an AGI of $37,000 is 24%, so tax credit will be 24%*6,000 = 1,440
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