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Federal tax credits available to assist in paying for childcare include:
- Child and Dependent Care Tax Credit, which helps families pay for child care for children under the age of 13, if the parents are working. Parents who are full-time students can also claim the credit. Qualifying care includes child care
centers, family child care homes, and care provided by paid friends or relatives — as long as the relative is not a dependent of the taxpayer. The size of the credit depends on the number of children in care, your family income, and the amount you paid for child care during the tax year. There are limits on the credit given for one child, and two or more children.
-Earned Income Tax Credit, which is a refundable tax credit for low- and moderate-income families, particularly those with children. The EITC is based on family income and the number of children in the family. Both single- and two-parent families are entitled to the credit, as long as one parent is employed.