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Why did I receive a child care tax credit of $600
I paid for than $18K for child care in 2023, however on my return it only shows as a tax credit of $600. Why is it less ?
How many qualifying children do you have? The limit of expenses that can be claimed is $3k for one child and $6k for 2 children. And the amount of the credit is between 20 and 35% of the amount, dependent upon your income. If you have 1 child, and you are in the 20% range, then your credit would be $600 ($3k * .20). You can look at Form 2441 to see how it was calculated.
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