| Go back to previous topic | | Forum name | General Discussion | | Topic subject | Tax Gurus: Is childcare tax deductible? | | Topic URL | http://board.okayplayer.com/okp.php?az=show_topic&forum=4&topic_id=12994155 |
12994155, Tax Gurus: Is childcare tax deductible?
Posted by maryhattalillamb, Sat Mar-26-16 11:57 AM
Me and my husband paid $18,000 in childcare last year for our 3 year old.
Can we deduct this on our taxes?
We also paid $3,600 in health insurance.
Are these items even "worth" itemizing?
Or should we just file the regular 1040A?
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12994163, yes. you have to ask for your childcare provider for the tax id #
Posted by eye.M.woman, Sat Mar-26-16 12:38 PM
and then just plug in the necessary info when you do your taxes
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12994167, Yes, upon meeting certain criteria and with particular limits, Childcare
Posted by CaptainRook, Sat Mar-26-16 12:59 PM
>Me and my husband paid $18,000 in childcare last year for our
>3 year old.
>Can we deduct this on our taxes?
>
is very much "deductible" (well sort of). You get a credit, not a deduction, on your tax return for what you have paid for child care, with certain limits $3K for 1 qualifying child; $6K for 2 qualifying children) and nothing additional for more than two children.
Use this form here:
https://www.irs.gov/pub/irs-pdf/f2441.pdf
This form can be used whether you chose to itemize or not itemize.
Note: this is a non-refundable credit, meaning that it can be used to help reduce your tax liability to zero, but you will not get any of the surplus above zero, for this credit.
>We also paid $3,600 in health insurance.
>
Unless you (or husband) are self employed, you probably will not get much (if anything) out of deducting health insurance premiums.
>Are these items even "worth" itemizing?
>Or should we just file the regular 1040A?
For what you paid for dependent care, you don't have to itemize to get a credit.
As for the health insurance premiums that you paid, is it worth it? It depends, but probably not.
I hope that this helps.
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12994170, CAn't help you but goddamn.
Posted by denny, Sat Mar-26-16 01:07 PM
1500 per month for one child. Has to be the biggest raise in cost of living there is. I've been told it's because of liability/insurance. Those sue-happy parents will be the death of us all.
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12994182, RE: CAn't help you but goddamn.
Posted by maryhattalillamb, Sat Mar-26-16 02:22 PM
>1500 per month for one child. Has to be the biggest raise in
>cost of living there is. I've been told it's because of
>liability/insurance. Those sue-happy parents will be the
>death of us all.
No.
It's a cleanliness issue.
You can find daycare for $600 to $2,600 per month here.
But the entry point for a daycare to not smell like old food when you walk in and for them to have a decent curriculum is about $1,200 per month.
We had to pay the extra $300 because were on a time crunch and the location we're in commands a premium for just about everything (higher real estate in this part of the city)
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