How do the tax benefits work with child care expenses? We will spend 24,000 in child care this year.?

We have 2 children, both under 5. This year we will spend 24,000 in child care expenses. I am not sure how this will work on our taxes. I know you can claim child care expenses, but how much do you usually get back for child care expenses?

Public Comments

1. There is a max amount i think it is 3500 per child maybe? When you fill out your 1040 it will point you to a worksheet that is available on the irs website. It will tell you exactly how to figure it. make sure you have receipts or a statement showing how much you paid. If it was a daycare they should send you a statement, or you can request one. The IRS also has directions on what to do if they refuse to give you one.


2. Look at form 2441 to see how it works. You can claim up to $6000 in expenses for two kids. Your credit, the amount of tax you actually save, is a percentage of your eligible expenses that depends on your joint income - it ranges from 20% to 35%.


3. you can only claim $6,000 of that and depending on your income you can get a credit of up to 35% of that

   go to www.irs.gov and search form 2441