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Jack paid $5,000 in daycare expenses for his five-year-old daughter so he could work. His AGI...

Jack paid $5,000 in daycare expenses for his five-year-old daughter so he could work. His AGI for the year was $39,500 (all earned income). What is the amount of his child and dependent care credit?(Year 2019)
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Answer #1

Jack paid 5,000 in day care for the protection of his daughter, who is 5 years old. The limit to claim the child and dependent care credit is 13 years. And hence jack will be able to claim deduction.

And as tbe question is silent regarding the qualification requirements, it is therefore assumed that all other qualification criteria are met duly.

The limit for child and dependent care credit is 3,000 if there is a single child or dependent. As the actual expense is 5,000 the amount of credit will be limited to 3,000.

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