60 Seconds: Here's How to Deduct Summer Camp

Spending gobs of money to send your kid to summer camp? Uncle Sam actually feels your pain. Give us 60 seconds and we'll tell you how!
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Sending your kids to summer camp is much like handing your best friend your wallet and putting her on a plane Vegas.

She's going to have a blast and odds are good, you'll be broke when she's done.

But what's a working parent to do in the summer? We have no choice but to pony up tons of cash for the day camp du jour so we can get to work.

Well the good news is Uncle Sam actually has some empathy for you and offers a credit, called the child and dependent care credit, so that you can get back some of the money you've spent.

But married couples -- pay attention.  If one of you stays home with kids and you still decide to send them to day camp, you won't qualify for this credit.  (Which is much akin to your friend pouring everything you gave her down a slot machine and losing.)

So presuming you both work, or you're a single parent that works, you can try to recoup some of those childcare costs.

You'll need to complete Form 2441: Child and Dependent Care Expenses so watch the video above to find out exactly who qualifies and how much you can get back.