Smart Taxes

It’s not too late to correct a tax return error

It’s not too late to correct a tax return error
Taxpayers who forgot a deduction or credit don’t have to live with the consequences. You can file an amended return and get a refund of your overpayment

Q. When I was doing my 2012 tax return this year, I realized that I could have claimed the child-care credit for my son’s summer camp expenses in 2011, but I didn’t know I qualified then. Is it too late to get the money?

A. It’s not too late. You have up to three years after the due date of your return to file an amended return and claim the credit.

The child-care credit is a frequently overlooked tax break for people who have kids under age 13 and pay for child care so they can work or look for work. The cost of a nanny, babysitter, day care, preschool, before-school and after-school care, and day camp during summer and school vacations can all count.

The credit can be worth up to $600 to $1,050 if you have one child, or $1,200 to $2,100 if you have two or more children. The lower your income, the larger the credit, but many people don’t realize that ther. Read more From msn.com