When you hear about a qualifying person, what does it mean?
A “Qualifying Person” is defined as one of the following:
- A child that was age 12 (or younger) for at least part of 2020 and who is also claimed as a dependent on your return. If the child turns 13 during the year, the child will qualify for the part of the year that they were under age 13.
- Anybody who lived in your home for at least 6 months during 2020 and was unable to care for themselves.
What’s Your Best Chance To Qualified for the Child and Dependent Care Credit?
- The custodial parent is the parent with whom the child lived for the greater number of nights in 2020.
2. If the child was with each parent for an equal number of nights, generally the custodial parent is the parent with the higher adjusted gross income. (kidsrkids.com)
3. The noncustodial parent can’t treat the child as a qualifying person (and therefore, cannot claim this credit).
For more information on qualifying for Child and Dependent Care Credit, visit our office to speak with a Generational Wealth Specialist.