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Financial Planning / Tax Strategies


Subject:  Re: child care credit, car donation for head of Date:  1/24/2001  8:06 PM
Author:  TMFExRO Number:  44771 of 123001

I plan to file as head of household with standard deductions and claim the child as my dependent.

Questions: (1) Can I claim a credit for the donated car if I am claiming standard deductions?

No. You get a tax benefit from charitable contributions only if you itemize deductions on Schedule A of the 1040. If you think there's a chance that the value of the car plus your other itemized deductions, e.g. state income tax, would be more than your standard deduction, get a copy of Schedule A and work the numbers.

(2) Can I claim Child Care Credit for payments made to the daycare provider?

Probably. Get Form 2441 and its inst