Claim a valuable New York State credit in addition to the federal one
New Yorkers will be happy to learn that they can get a valuable credit on their state taxes for money they spent to take care of their kids and other dependents.
You can claim New York’s child and dependent care tax credit if you are eligible to claim the federal child and dependent care credit. You don’t actually have to claim the federal credit in order to get the NYS credit, you just have to be eligible for it.
The New York State credit amounts to 20-110% of your federal credit. Exactly how much you’ll get depends on your New York AGI.
New York City even has its own child and dependent care credit. You might be able to claim if you’re a resident of the city. This credit could amount to up to 75% of the New York State credit. (more…)
