WHO IS ELIGIBLE FOR ‘SURPRISE’ STIMULUS?
Daycare before school at a city site also counts but a teenager watching your younger kids for a little extra allowance money does not.
Trying to claim anything that you’re paying off the books also isn’t advisable since that income may not be claimed by the person you’re paying.
The expenses won’t be claimed in taxes until next year, but record-keeping throughout 2021 to be prepared is your best bet.
To get the child and dependent care tax credit, the filer’s adjusted gross income needs to be less than $125,000.
Any more than that and the credits will phase out at 50 percent.
Families earning $438,000 or more will be out of luck, since that’s when the credit phases out entirely.
This post first appeared on thesun.co.uk
