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[quote=Anonymous]There's get the info and enter it in TurboTax--it will calculate how much of a tax credit you get through the Childcare Tax Credit. I believe the way it works is this: for one child, you can receive a tax credit for up to $3,000 dollars worth of childcare expenses, and for two or more up to $6,000. I believe it is for between 20-35% of your expenses on this amount, depending on your income (for most DCUMers, that would be 20% because I think that phase out starts at something like 40-50K). So if you have one kid, you can receive a tax credit of ~$600-1050 dollars, and for two that would be ~$1200-2100. This means your tax liability is reduced by that amount. It's not a deduction or a "write off," just a tax credit.[/quote]
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