Do you know? you can claim up-to $5000 for child and dependent care benefits!
A child and dependent care benefits is available if the taxpayer requires care for a child or disabled dependent in order to be gainfully employed. The credit percentage is between 20% and 35% depending on the AGI of the taxpayer. For the taxpayer with AGI over $45,000, the credit is the minimum of 20%. Up to $5,000 of benefits under an employer dependent care assistance plan can be excluded from and employee’s taxable wage. A taxpayer may claim the child and dependent care credit for a child who lives with the taxpayer for more than half the year, even if the taxpayer does not provide more than half the cost of maintaining the household.