15 Tax Questions Answered | Private Finance

The retirement savers’ tax credit score might be price as much as $1,000 per individual ($2,000 for {couples}). To qualify, you’ll want to contribute to a 401(okay), IRA or different retirement financial savings plan and meet the revenue limits – for 2020, you could have earned lower than $65,000 if married submitting collectively, $48,750 if submitting as head of family or $32,500 if single.

The baby care tax credit score might be price as much as $1,050 for one baby or $2,100 for 2 or extra. To qualify, you could have kids underneath age 13 and pay for baby care whilst you and your partner work or search for work. The price of day care, a nanny, preschool, earlier than and after college care and even summer time day camp rely towards the credit score, which might be price 20% to 35% of as much as $3,000 in baby care bills for one baby, or as much as $6,000 in bills for 2 or extra, based mostly on revenue.

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