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How much of their childcare payments are eligible

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Question - Jerry and Ann Jones are married and keep up a home for their two preschool children, ages 2 and 4. They claim their children as dependents and file a joint return. Their adjusted gross income (AGI) is $27,500. Jerry earned $12,500 and Ann earned $15,000. During the year they pay work-related expenses of $3,200 for childcare for their son Daniel at a neighbor's home and $2,800 for childcare for their daughter Amy at Pine Street Nursery School. How much of their childcare payments are eligible for the child and dependent care credit on their return?

Reference no: EM133132709

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