New York State Department of Taxation and Finance July 29, 2019
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Recordkeeping Tips to Ensure You Receive Valuable Tax CreditsMore than 506,000 taxpayers claimed over $155 million in New York State Child and Dependent Care credits for tax year 2017. The average claimed: more than $306 |
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The New York State Department of Taxation and Finance today reminded taxpayers to keep good records throughout the year to ease the process for claiming tax credits on their personal income tax returns. For example, taxpayers should save proof of childcare expenses this summer to support eligibility for the child and dependent care credit. Keep good records You must provide proof of how much money you spent on summer day-camp to support your claim for the tax credit. Examples:
The Tax Department will not accept the following as proof:
You don't need a scanner to make copies of your documentation. You can use your smartphone to take a digital picture. Guidelines If you qualify to claim the federal child and dependent care credit, you’re entitled to claim New York State's credit. The New York State credit ranges from 110% of the federal credit, for those with incomes under $25,000, to 20% if their income is over $150,000. A New York City Child Care Tax Credit is also available to New York City residents with income of $30,000 or less with a child or children under age 4. Dependent-care benefits from an employer will reduce the credit amount; these benefits are included on the recipient’s Form W-2, Wage and Tax Statement. |
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