Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-21-2008, 11:34 AM
Junior Member
 
Join Date: Mar 2008
Posts: 9
Does cost of day camp count as a qualified exp towards child & dependent care credit?

I was wondering if the IRS will allow me to consider the cost of day camp for my children (during the summer break), as qualified expenses towards the child and dependent care credit?

An answer would be deeply appreciated....thanks in advance!

Btw, a Great Tax Website! Lots of useful information!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 07-21-2008, 11:12 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Does cost of day camp count as a qualified exp towards child & dependent care credit?

Well, the good news is that "the cost of day camp can count as an expense towards the child and dependent care credit." However, per the IRS, the expenses for overnight camps do not qualify.

The actual tax credit is in the range of 20% to 35% of non-reimbursed expenses. Taxpayers can claim qualified expenses of up to $3000 for one child and up to $6000 for two or more children. The actual tax credit is also based on your income. The 35% rate applies if your income is under $15,000; the 20% rate, if your income is over $43,000.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Claiming the Child Tax Credit Samatg General 1 02-06-2009 12:36 AM
Combat Pay Can Count toward Economic Stimulus Payment Eligibility TaxGuru For 2008 0 03-24-2008 06:34 PM
Who is eligible to claim a Child Tax Credit in 2007? TaxGuru Tax Credit 0 03-05-2008 08:02 PM
Is the child support considered income when calculating the earned income credit? aron Income 1 09-16-2007 10:50 AM
Claiming the Child and Dependent Care Credit Samatg General 0 03-15-2007 07:50 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.