How do I compute the Child and Dependent Care Deduction?
Your Virginia Child and Dependent Care expense deduction is the amount of expenses on which your federal credit was based. This is the amount on federal Form 2441, Schedule A, or Form 1040A that is multiplied by a decimal to arrive at the federal credit. Do not claim the federal credit amount as your Virginia deduction. Beginning with taxable year 2003, you are generally limited to a maximum deduction of $3,000 for one dependent, or $6,000 for two or more dependents, or the earned income of the spouse having the lowest income, whichever is less. For more information, refer to our Deductions page.
Related Questions
- My ex-spouse claims our child as a deduction for tax purposes, but I pay for child care. Can I use the dependent care account?
- My ex-spouse claims our child as a deduction for tax purposes, but I pay for child care. Can I use the Dependent Care FSA?
- How do I compute the Child and Dependent Care Deduction?
