Hi

I work.My wife is a homemaker.My kid goes to a preschool.Will I be able to get tax credit for the preschool expenses of my child?My kid is 3 yrs old.

Hi

I work.My wife is a homemaker.My kid goes to a preschool.Will I be able to get tax credit for the preschool expenses of my child?My kid is 3 yrs old.


Here's the information you need concerning your kid:

Publication 503 (2010), Child and Dependent Care Expenses (http://www.irs.gov/publications/p503/ar02.html)

Both parents need to have earned income for you to be able to claim the child care credit.

TaxforAliens is correct; both parents must be working OR attending school to claim the Child Care Credit.

Thanks Guys.

How about health insurance premiums I pay per month.It's an employer provided plan,but the premiums are paid by me.Are those tax deductible?

If they are deducted pre-tax from your salary you can not deduct them again. If they are after-tax, they would be medical expenses. You can deduct those under itemized deduction subject to a 7.5% cutoff. Meaning any medical expenses exceeding 7.5% of your income are deducted as itemized deduction (assuming your itemized deductions are more than your standard deduction)