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1) Credit for child and dependent care expenses can only

Question : 1) Credit for child and dependent care expenses can only : 2125625

1) Credit for child and dependent care expenses can only be claimed for employment-related expenses.

2) A qualifying individual for purposes of the credit for child and dependent care expenses includes a dependent or a spouse of the taxpayer who is incapable of caring for himself or herself.

3) The maximum amount per year of dependent care expenses that can be used for calculating the credit for child and dependent care expenses is $6,000 for two or more qualifying individuals.

4) The maximum allowable credit for the elderly or the disabled is equal to 30% of the taxpayer's base amount.

5) There are two types of education credits available, the American opportunity tax credit (also known as the Hope scholarship credit) and the lifetime learning credit.

 

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