section 7 and tax issues

[denbigh]

I have searched and I couldnt find a clear answer through other posts.

Is there a way to figure out childcare costs and factor in how much of a tax break i get so I know how much to ask ex to contribute, or do you have to do up a return with childcare and a return without and figure the difference? I was hoping to ask for childcare contribution quarterly, instead of waiting until the end of the year when I do my taxes, but I am not sure how I would figure it out? Also my income increased as went back to work and needed more childcare, so I thought it fairer to make percentages each contribute what we are earning from time childcare cost increased rather that actual yearly income, as that will be lower for coming tax year and last tax year, but then that lower amount also impacts how much of a refund I would get I think.

[Ange71727]

I am in this boat as well and have been told here that I have to do a return up with childcare and a separate one without to work it out. There doesn't seem to be an easier way.


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[Ange71727]

Daycare payment issue

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[Beachnana]

If you can calculate your tax rate then you can use that number to make the calculation.

Ie. 30% tax rate

Average monthly daycare cost $300
Less 30% tax benefit. $90
Net of tax cost. $210

Proportionate split. 40/60

40% = $84
60% = $126

Then put in a clause to adjust each June 1 when you exchange tax returns.

[trinton]

did you offer dad any extra time or opportunity to look after kids when you needed daycare or just decided the child would be with 3rd party and he would pay?

[standing on the sidelines]

did you offer dad any extra time or opportunity to look after kids when you needed daycare or just decided the child would be with 3rd party and he would pay?

would that also include when dad is working on his time with the kids and gets a new gf to look after the kids? Should the mom keep the kids when dad isnt there parenting them on his time?

[arabian]

would that also include when dad is working on his time with the kids and gets a new gf to look after the kids? Should the mom keep the kids when dad isnt there parenting them on his time?

excellent point SOTS

Poster asked a logical question and it instantly becomes mired in the old argument from other threads.

[denbigh]

did you offer dad any extra time or opportunity to look after kids when you needed daycare or just decided the child would be with 3rd party and he would pay?

Not that your above comment has anything to do with my question, but:

WE needed daycare (not I needed daycare) because we BOTH work, at the SAME TIME.

[trinton]

would that also include when dad is working on his time with the kids and gets a new gf to look after the kids? Should the mom keep the kids when dad isnt there parenting them on his time?

depends on the access arranagement. not to mention that is a completely different sitatuion more than day and night. dad's gf is member of family. daycare is stranger. Children benefit time from family first, then strangers. to answer hat question however, no, because there would be no unnecessary costs incurred to the family. gf is free. daycare charges up the ass. Mom wouldn't be saving the family any money. Hilariously enough I think mom would just deny access, keep child and put in daycare instead of new gf and just ask him to pay.

If dad has very little time to begin with then I highly doubt he would be working when he has child and that the child would be with his gf everytime he had access. if situation reversed and mom leaving child with her bf when dad wants more time, again presuming dad has little time to begin with, it would make perfect sense to allow dad to have time instead of step dad.

All comes down to arrangement. in 50-50 arrangement then parents leave child with whoever in their time. in 90-10 situations, then dad getting time instead of daycare would give dad more time without taking any time away from mom.in same 90-10 situation, if mom taking even more time from dad then that would literally leave dad with zero access.

[trinton]

Not that your above comment has anything to do with my question, but:

WE needed daycare (not I needed daycare) because we BOTH work, at the SAME TIME.

So then I assume you pay daycare and he reimburses you? find out how much you pay in a year after the tax credit. take that amount and divide it proportional to your incomes.

This is of course assuming you both agreed on daycare and on the daycare provider and it's costs.