2023-2024 Form

Instructions and help about Shared Care Tax Credit

for working parents paying for daycare can present a large financial burden but the IRS offers a credit for paying child independent care expenses to offset some of that burden I'm the tax geek and here is the Child Independent Care Credit oversimplified [Music] this video describes the child and dependent Care Credit as it is for all years except for 2021. if you're preparing a 2021 return the credit is calculated differently and the details can be found by clicking the card above or the link in the description the credit can be as much as one thousand fifty dollars if you have one qualifying child or two thousand one hundred dollars if you have two or more qualifying children the credit is non-refundable which means you have to have some tax liability to take advantage of it you are eligible for the credit if you have qualifying child care expenses these expenses can be for any child under 13 years of age or a spouse or any other dependent that is physically or mentally unable to ca