Parents who paid for their children under 13 to attend summer day camps may qualify for the Child and Dependent Care Credit on their 2024 tax return. This credit helps parents who incur care expenses to work or seek work. The credit may also apply to care costs for dependents 13 or older with a permanent disability. Overnight camps do not qualify. The credit covers 20-35% of eligible expenses, up to $3,000 for one child or $6,000 for two or more children. To claim the credit, parents must report the providers name and taxpayer identification number (TIN) on their return. Married taxpayers generally must file jointly unless they qualify for an exception.
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September 1, 2024