Kaelyn's mother, Judy, looks after Kaelyn's four-year-old twins so Kaelyn can go to work (she drops off and picks up the twins from Judy's home every day). Since Judy is a relative, Kaelyn made sure, for tax purposes, to pay her mother the going rate for child care ($16,300 for the year). What is the amount of Kaelyn's child and dependent care credit in 2021 if her AGI for the year was $130,000?

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26-11-2021
Law

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Kaelyn's mother, Judy, looks after Kaelyn's four-year-old twins so Kaelyn can go to work (she drops off and picks up the twins from Judy's home every day). Since Judy is a relative, Kaelyn made sure, for tax purposes, to pay her mother the going rate for child care ($16,300 for the year). What is the amount of Kaelyn's child and dependent care credit in 2021 if her AGI for the year was $130,000?

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Baraq Baraq · Answer 1 · 2021-12-03T07:43:32+01:00

Considering the situation described above, Kaelyn's child and dependent care credit in 2021 if her AGI for the year was $130,000 is "$16,000."

This is because according to the American Rescue Plan Act of 2021, individuals can claim the child and dependent care credit of $16,000 of expenses for two or more qualifying people.

Given that the qualifying people here are four-year-old twins, this makes it two or more qualifying people.

Though Kaelyn's Adjusted Gross Income (AGI) is $130,000, the rule of using 50% - 20% of expenses to claim the child and dependent care credit will come into play if the eventual credit will be more than $16,000.

Hence, in this case, it is concluded that the correct answer is $16,000.

Learn more about the child and dependent care credit here: https://brainly.com/question/14441741