Your Questions About Care Credit

admin answers:

Care Credit is how about 50% of my patients pay for their dental work. I have spoken to the Care Credit representative for our area before, and according to him, they use the 3 top credit scoring companies: TransUnion, Equafax, and Experian (Hope I spelled those right.) It isn’t always those with bad credit who get refused. People with too much credit can also get denied, as they are considered a credit risk. Most of my patients already know up front when they are going to be denied. If they have really bad credit or a bankruptsy, then they don’t bother applying. I have , however, had people who never thought they would be approved, get approved.

In my office, we offer 12 months interest free on the Care Credit, and after that it is about 11.9% APR.

admin answers:

I work for an office that provides care credit for hearing aids. We always have patients that have problems with care credit. They never send a billing statement and when they do something is always incorrect.The interest can be high depending on which plan you get. I don’t have to deal with them directly here,but at my past employer we did. They would double bill and I would have to fix it and they were always training new people so it was rare I got someone experienced.In the end it helps but just be aware.

admin answers:

You can go to the IRS website and find the tables. I performed the calculation a few years ago and surprisingly enough, both options came very close to the same result. If I remember correctly, the credit might be better if you have more than one child in daycare.

admin answers:

It doesn’t have to be a licensed care provider like someone said BUT if it is a person you pay to watch the child then you need to provide their Social Security number so that the IRS can make sure that person paid taxes on the income they made by watching the child! They will refuse the credit unless you file specific paperwork saying that person refused to give their social. The IRS takes that as though that person is trying to not pay taxes. So even if the two of you weren’t married and you did put her social down there then it wouldn’t help because she would have to report that as income, so she might pay the tax you would not be paying.

From the weblink I provided below read the section titled “Who Can Take the Credit or Exclude Dependant Care Benifits?”

It says:
“4. The person who provided the care was not your spouse, the parent of your qualifying child under age 13, or a person whom you can claim as a dependant.”

My AGI is $27k and my dependant credit is only $840. If you make more money than I do then your credit amount would be less because I have more than the maximum $3k a year spent on child care. If you ask me… A $3k limit on what you can claim for child care is silly… The daycare my daughter was at last year was $7680 a year. It wasn’t fancy, just average!

admin answers:

Yes you can, but make sure you talk to the babysitter before you do this. When you include her social security number on the return it will be shown as income to her. She will then have to report all of this money on her return and might end up owing some money depending on how much she made.

admin answers:

Nope not eligible for a tax break sorry

admin answers:

You should first obtain your credit reports from three credit bureaus including credit scores. You have to review them and contact the credit bureaus if there are any mistakes. If you have collection accounts then contact collection agencies or creditors and offer them Pay for delete deals. Pay all your bills in full and on time.

admin answers:

Call the office and ask if they accept care credit first. Not all places do. I take past due payments and payments for medical bills with care credit, but every practice/hospital is different.