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Child and Dependent Care Credit

Hey there, here's a little bit about child and dependent care credit for the tax year 2023:

1. The amount of eligible dependent care expenses are:

  • $3,000 for one eligible dependent

  • $6,000 for two or more eligible dependents

2. The credit is also no longer refundable.

3. The maximum credit rate is up to 35%.

The exclusion for employer-provided dependent care assistance is $5,000 or $2,500 for married filing separately.

If you went to work, looked for work, or attended school and you paid someone who was taking care of your child or other dependents, you may be able to claim this credit

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