Tax Information
You may be eligible for tax benefits to help pay for your child’s education and care, either in the form of a tax credit or a tax deduction. Under current federal law, eligible families can claim tax credits up to:
- $2,100 from the federal Child and Dependent Care Tax Credit (up to $1,050 for each of your first two children; the exact amount depends on your income and actual child care expenses)
- $1,000 per child from the federal Child Tax Credit
- $4,536 from the federal Earned Income Tax Credit
You may also qualify for state tax credits.
Specific information on federal tax credits for child care is available fromThe Internal Revenue Service at 800-829-1040, or visit the following web addresses:
Tax Information for Parents: http://www.irs.gov/individuals/parents/index.html
Child and Dependent Care Tax Credit http://www.irs.gov/individuals/article/0,,id=121435,00.html
Child Tax Credit http://www.irs.gov/individuals/article/0,,id=121434,00.html
Earned Income Tax Credit http://www.irs.gov/individuals/article/0,,id=130102,00.html
Detailed information on both federal and state tax credits for parents is also available from
The National Women’s Law Center
http://www.nwlc.org/details.cfm?id=2860§ion=tax