What is the Oklahoma Child Care/Child Tax Credit?
If your federal AGI is $100,000 or less, your Oklahoma Child Care/Child Tax Credit is the greater of either 20% of your federal Child Care Credit or 5% of your federal Child Tax Credit. We calculate this credit for you. The Child Tax Credit amount includes both your nonrefundable Child Tax Credit and the refundable Additional Child Tax Credit, but not the Credit for Other Dependents.
For example, if you earned a Child Care Credit of $100 and a nonrefundable Child Tax Credit of $1,000, your Oklahoma Child Care/Child Tax Credit would be $50, as 5% of $1,000 ($50) is greater than 20% of $100 ($20).
The credit is also adjusted by the ratio of your Oklahoma income to your federal adjusted gross income if they are different.
For example, if you earned a Child Care Credit of $100 and a nonrefundable Child Tax Credit of $1,000, your Oklahoma Child Care/Child Tax Credit would be $50, as 5% of $1,000 ($50) is greater than 20% of $100 ($20).
The credit is also adjusted by the ratio of your Oklahoma income to your federal adjusted gross income if they are different.
