GREENSBORO, N.C. — Summer means camp and that could be for the kids or it could be for the adult in your life. Either way, that daytime care could be a tax credit for you later.
"The credit is basically for the expenses incurred for say the day camp, or daycare up to $3,000 a child, and for two or more children it can go up to $6,000 depending on income and the expenditures and it's calculated on form 2441, the Child and Dependent Care Credit. If you're sending your child to daycare and they're under age 13, you could be getting a tax credit," said Kevin Robinson, Robinson Tax & Accounting Services.
There are three things to know about the Child and Dependent Care Credit:
If you use it for a kid, the child has to be 13 and under for the entire tax year of 2024
Overnight camps do not qualify
The care can be at a facility, or in your home, so even a sitter or nanny can count toward the credit
"The day camp could be for a spouse who has dementia, so there is a possibility there for caregivers," said Robinson.
You do not need to itemize your taxes to claim this credit, it will be a simple form to fill out. You will need the name of the provider, address, identifying social security or EIN, and the amount.
While you have it handy now, better to write it down for your records so you don't have to look for it at tax time.