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Paul Sobotta, CLU®, ChFC®, CFP®, RICP®
Financial Planner
CA Insurance Lic. #4169793
Kyle Sobotta, CFP®
Financial Planner
Prudential Advisors
205 Washington Street
Arcadia, WI 54612
Phone: 608-323-7032
Fax: 608-323-7964
Email: paul.sobotta@prudential.com
May/June 2024
Help with Summer Camp Costs
Parents who send their child to summer camp may be able to deduct some of their expenses. The Child and Dependent Care Credit provides a tax break to working parents or guardians of children age 13 or younger or a dependent who is disabled. Parents who are full-time students or who are unemployed and looking for work may also qualify for the credit.
How Much?
You can claim expenses for the cost of sending your child to a day camp or summer camp. Sports camps are included, but overnight camps are not eligible. The credit is calculated based on your income and a percent of the expenses you incur to work, go to school or look for employment. The credit covers up to a maximum of 35% of $3,000 of qualifying costs for one child or up to $6,000 for two or more children.To Claim the Credit
You must be the parent or primary caregiver of the dependent you’re claiming. You also must have earned income and require daycare services to either work, seek employment or attend school.Eligible Expenses
You can claim expenses for more than just summer camp. Also eligible are:- Babysitting and daycare center costs
- The cost of home help when the provider is involved in caring for a qualifying child or dependent
- Before and after school care
- Cost of a nurse, home care and other services for disabled dependents
The child care provider cannot be a dependent, spouse or parent, even if you pay them a salary.
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