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Tax Credits for Families Could Be Worth Thousands of Dollars

Federal and state tax credits can help offset the cost of child care and other expenses for working families.  For 2012, families may be eligible for a number of federal tax credits including:

  • Earned Income Tax Credit, which helps provide a wage supplement for low and moderate-income families (those earning less than $50,270 in 2012).  This credit is worth up to $5,891 and is refundable.
  • Child Tax Credit, designed to help families offset some of the costs of raising children. This credit is worth up to $1,000 per child.  Families who owe little or not income tax can receive some or all of this credit as a refund if they earned at least $3,000 in 2012.
  • Child and Dependent Care Tax Credit, designed to offset some of the child or dependent care costs that families incur in order ot work.  This credit is worth up to $2,100, though th amount that can be claimed is limited by a family’s federal income tax liability.

In addition, New York also offers families 3 othet refundable credits:

  • NYS Child and Dependent Care Tax Credit, worth up to $2,310
  • NY Earned Income Tax Credit, worth up to $1,767
  • Empire State Child Credit, worth up to $330 per child.