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Tax benefits and children
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February 6, 2002: 1:07 p.m. ET
Tips on understanding child-care exemptions.
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NEW YORK (CNN/Money) - Many people are confused about the child-care exemption and think that the exemption has doubled. However, that is not the case.
For both 2001 and 2002 tax reporting, there is no change in the child-care credit. Parents will continue to receive a credit ranging from 20 percent to 30 percent of their child-care expenses. Beginning in 2003, parents will be allowed a larger amount of qualifying expenses.
People also confuse a child-care credit with a child credit.
CNNfn's Valerie Morris shares tips on understanding the difference. 
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