The RegPoint Team Monday April 6th 2015
Registering your son, daughter or entire pack for a day camp this summer? It’s an amazing experience for a lot of children around the country. But what a lot of parents don’t realize is that there’s tax credit available for those who send their kids to a summer day camp.
That’s right, The Child and Dependent Care Tax Credit can help offset the cost of your child’s day camp this summer. Thanks, Uncle Sam! Here’s some more details on what you need to qualify for the summer day camp tax credit.
Day camp, like day care or a babysitter at home, is considered a childcare expense and is available for expenses incurred during the summer and through the rest of the year. But overnight camps and summer school or tutoring do not qualify.
Here’s some more detail on what you need to know about qualifying for the Child and Dependent Care Tax Credit:
Tweens and Younger
- In order to qualify, children attending day camp must be 13 years old or under.
In or Outside The Home
- The Dependent Care tax credit is available to you whether you have a sitter to stay at home with your kids or send them off to day camp.
3K For 1 Kid
- Use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying child or $6,000 for two or more kids.
Up To 35%
- The tax credit can be up to 35 percent of qualifying expenses, depending on your income. You can read more about how it’s calculate under the Earned Income section of the IRS publication.
No Bunkbeds or Eggheads
- Overnight camps or summer school/tutoring programs do not qualify for the Child and Dependent Care Tax Credit.
Save The Receipts
- Keep your receipts and paperwork as a reminder when filing your tax return, and write down the camp’s Employee Identification Number (EIN), address and the dates your child attended.
To get all the details, take a look at the official IRS Child and Dependent Care Expenses publication. And for a list of day camps all around the country, visit the Camp Page site and select your city.