True or False: The dollar amount of the child and dependent care credit equals the taxpayer's qualifying expenses.

The statement is false because the dollar amount of the child and dependent care credit does not equal the taxpayer's qualifying expenses. Instead, the credit is a percentage of those qualifying expenses, which can vary based on the taxpayer's adjusted gross income (AGI) and the number of qualifying individuals in care.

For example, the credit allows taxpayers to claim a percentage of up to a certain maximum amount of qualifying expenses incurred for the care of children or dependents while the taxpayer works or looks for work. This means that even if qualifying expenses exceed the set maximum dollar limit, the credit amount will still be calculated based on the stipulated percentage of those expenses within the limits set by the IRS. Therefore, the total amount of qualifying expenses does not directly translate into the dollar amount of the child and dependent care credit.