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Jane and Jerry are married and have 2 children. They incur $6,500 of child care expenses for the year. Jane earned $47,000 and Jerry earned
Jane and Jerry are married and have 2 children. They incur $6,500 of child care expenses for the year. Jane earned $47,000 and Jerry earned $5,000 during the year. Jane was reimbursed for $2,000 of her child care expenses by her employer. Because their AGI is in excess of $43,000 the child care credit percentage is 20%. How much will their child care credit be for the year? Would the amount of the credit be different if Jane wasnt reimbursed for any of the expenses?
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