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Lesson 23

Lesson 23. Credit for Child and Dependent Care Expenses. New Forms for today. Important Tax Records folder Schedule A Schedule C- ez Schedule D Schedule EIC Schedule L Schedule R* Form 2441* CA 540 Booklet * includes instruction booklet. Must know by next week.

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Lesson 23

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  1. Lesson 23 Credit for Child and Dependent Care Expenses

  2. New Forms for today • Important Tax Records folder • Schedule A • Schedule C-ez • Schedule D • Schedule EIC • Schedule L • Schedule R* • Form 2441* • CA 540 Booklet • * includes instruction booklet

  3. Must know by next week • Where are you going to do your volunteer work • Glendale Am or PM – Saturday • So Pasadena Sr Citizen – Thursday 5ish – 8 • Your test certificates • Basic and Intermediate – minimum • Advanced and International – if needed

  4. Next Week • California Instructions • Taxwise Instructions

  5. References • Pub 17 Section 32 page 212 • 4012 Section G-1 and G-2 • Form 2441 • Intake Form Part IV A-21 • W-2 Line 10 Must complete form 2441 is there is an amount on this line

  6. Details of Dependent Care Credit • It is non refundable credit--- if your total tax (Line 60) is $O you do not get anything back • Must be expenses incurred so taxpayer can work or look for work. • Can be 20% to 35% of your expenses • Maximum expenses is $3,000 (1) or $6000 (2) • Max is $1050 to $600

  7. Who is a Dependent Child? • Under 13

  8. Who is just a dependent? • Spouse who cannot care for him/herself • Child over the age of 13 that cannot care for him/herself. • Would have been your dependent but the person • Had income over $3650 • Filed joint • You could have been claimed as a dependent

  9. What is dependent Care Expenses? • Cost of services for well being and protection.

  10. Examples and Exercises • Qualifying persons pg 23 -3 • Qualifying for credit pg 23-7

  11. Dependent Care Benefits • When your employer pays your dependent care expenses. Might reduce your salary so you do not have to pay taxes on it.

  12. Taxwise • Be sure to check DC when listing the dependents

  13. Bennett pg 33 4491 • Taxwise - How Dependent Care Benefit changes the credit

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