3. Child and dependent care credit
This type of credit is intended to cover the costs related to the care of a qualifying person (individuals with mental and physical disabilities are also included). The taxman is pretty clear when it comes to qualifying for the child and dependent care credit.
- At the time you’re providing care to your dependent child, he/she has to be under age 13 to qualify;
- If your spouse is actually mentally or physically unable to care for herself/himself and lives under the same roof with you for more than six months to get the credit.
For one qualifying person, the credit translates to $3,000 or $6,000 for two or more.
