Understanding Taxes - Simulation: Claiming the Tax Credit for Child and Dependent Care Expenses

Module 9: Tax Credit for Child and Dependent Care Expenses

Sim 9: Claiming the Tax Credit for Child and Dependent Care Expenses

My Profile

Name: Albert Wentworth

Employment: Financial planner

Marital status: Married

Spouse's name (if any): Susan Wentworth, social worker

Children: Rachel, age 5, and Paul, age 2

U.S. citizen: Yes

Other: The children lived with you and Susan during the entire tax year in the family home. No one except Rachel and Paul depends on you and Susan for income or support. No one else can claim you or Susan as dependents. While you and Susan are at work, Rachel and Paul stay at Anytown Daycare Center, whose tax identification number is 10-0124578. Rachel and Paul did not have any income for the year. You and Susan provided all of the support for Rachel and Paul. You and Susan provided all of the costs to maintain the family home. During the tax year, you paid $1500.00 each for the care of the children while you and Susan were at work. Neither you nor Susan received dependent care assistance from your employers.