A Dependent Care FSA or the child and dependent care tax credit ? Strictly speaking, you cannot deduct child care expenses on a tax return. For children born between January. In calculating Virginia adjusted gross income, a taxpayer is allowed a deduction for expenses for household and dependent care services necessary for gainful . The other credit–the child and dependent care tax credit –offers relief to working people who must pay someone.
People who qualify for the credit are allowed up to $0of care for one dependent or $0of care expenses for two or more qualifying dependents. Taxpayers who pay for daycare expenses may be eligible for a federal tax credit of up to. Paying for child care or adult dependent care is one of the steepest monthly expenses. So can putting money in an FSA account can help you save on childcare bills. Mary Beth Storjohann.
Filed under: Personal Finance. When can you deduct child - care expenses ?