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  • Hello, I'm Tammy from Turbo Tax, with important news

  • for taxpayers who care for a disabled dependent.

  • Taking care of a loved one with a disability

  • can sometimes feel like a full-time job.

  • But if you ever need to hire someone to assist you,

  • you may be able to take the child and dependent care credit

  • on your federal tax return this year.

  • The credit for child and dependent care expenses

  • can save you a significant amount of money because the credit reduces

  • your tax bill on a dollar-for-dollar basis.

  • However, in order to take advantage of this tax benefit,

  • there are a number of requirements you need to satisfy first.

  • Before evaluating anything else, you should assess

  • whether you can satisfy the earned income requirement.

  • Regardless of the expenses you incur to take care of your dependent,

  • you must have earned incomemeaning that you earn it from providing services

  • as an employee or through self- employment.

  • It's ok if you have unearned income, such as interest and dividends,

  • just as long as you report some earned income on your tax return.

  • And if you are married, you must file a joint return

  • and your spouse must also have earned income in order to take the credit.

  • Your reason for hiring someone to care for your loved one must be so that you,

  • and your spouse if you are married filing jointly, could work or look for work.

  • But if you have a household employee,

  • who in addition to caring for your dependent is also responsible

  • for cooking and cleaning your home, you can include the expense of their salary

  • in the credit calculationprovided their services

  • are at least partly for the well being of your dependent.

  • And remember, if you plan on taking the credit,

  • you must prepare your tax return on Form

  • 1040 or 1040A and attach Form 2441 to it.

  • When you file with TurboTax, we'll ask you simple questions

  • about your income and dependents, and we'll fill in all the right forms for you.

  • For more information about this and other tax topics, visit

Hello, I'm Tammy from Turbo Tax, with important news

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Tax Credits for Disabled Dependents - TurboTax Tax Tip Video

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    林宜悉 posted on 2020/02/26
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