Form DR0347 Child Care Expenses Tax Credit - Colorado

What Is Form DR0347?

This is a legal form that was released by the Colorado Department of Revenue - a government authority operating within Colorado. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form DR0347?
A: Form DR0347 is a tax form used to claim the Child Care Expenses Tax Credit in Colorado.

Q: What is the Child Care Expenses Tax Credit?
A: The Child Care Expenses Tax Credit is a tax credit that allows Colorado taxpayers to claim a portion of their child care expenses as a credit on their state income tax return.

Q: Who is eligible to claim the Child Care Expenses Tax Credit?
A: Colorado taxpayers who paid for child care expenses for children under the age of 13 may be eligible to claim the credit.

Q: What type of child care expenses can be included?
A: Qualifying child care expenses include payments made to licensed child care providers or babysitters, as well as fees paid to a nursery school, preschool, or daycare center.

Q: How much is the Child Care Expenses Tax Credit?
A: The credit is based on a percentage of the federal child care expenses credit, which can range from 20% to 75% depending on the taxpayer's income.

Q: How do I apply for the Child Care Expenses Tax Credit?
A: To claim the credit, you must complete and file Form DR0347 with your Colorado state income tax return.

Q: Are there any limitations or restrictions for claiming the credit?
A: Yes, there are some limitations and restrictions. For example, the credit is limited to $500 per child and the total credit cannot exceed the taxpayer's Colorado income tax liability.

Q: Is there a deadline for claiming the credit?
A: Yes, the deadline to claim the Child Care Expenses Tax Credit is the same as the deadline to file your Colorado state income tax return, which is typically April 15th.

Q: Is the Child Care Expenses Tax Credit refundable?
A: No, the credit is non-refundable, which means it can only reduce the amount of state income tax you owe, but it will not result in a refund if you have no tax liability.