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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

Lesson 23

Credit for Child and Dependent Care Expenses

new forms for today
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
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
next week
Next Week
  • California Instructions
  • Taxwise Instructions
references
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
details of dependent care credit
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
who is just a dependent
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
what is dependent care expenses
What is dependent Care Expenses?
  • Cost of services for well being and protection.
examples and exercises
Examples and Exercises
  • Qualifying persons pg 23 -3
  • Qualifying for credit pg 23-7
dependent care benefits
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.
taxwise
Taxwise
  • Be sure to check DC when listing the dependents
bennett pg 33 4491
Bennett pg 33 4491
  • Taxwise - How Dependent Care Benefit changes the credit