Are child care expenses deductible?
A percentage of the cost of child care while you work is allowed as a direct credit against your tax if you have a child under age 13. If you participate in a reimbursement plan through your employer, your credit will be reduced. Q: My child graduated from high school but still lives at home. Can I still claim her as a dependent? A: Generally, yes, if you provide more than half of her total support and if at least one of the following apply: • the child is under 19 years of age • the child is under 24 years of age and a full-time student • the child had a gross taxable income under $2,750. Q: What is the 1999 personal exemption and what credits are available in 1999? A: The amount is $2,750 per exemption. However, if you are eligible to be claimed as a dependent by someone else, you are not allowed an exemption for yourself. There is a child tax credit of $500 for each qualifying child who is under 17 at the end of 1999. This credit begins to phase out with AGI in excess of $110,000 fo
