How much do you spend on childcare monthly?

[Anonymous]

Anonymous wrote:2 kids in daycare in Old Town $3400

PS HHI $220K. yes, it hurts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$3150 for two kids in daycare.

There are childcare FSA's if your employer offers one (feds get it) that let you apply $5000 pre-tax money for childcare costs. As you can see, for me that covers less than 2 months of care.

There is also a childcare credit which caps at $3000/child up to $6000 total but is phased out based on income. You have to deduct any FSA money from the credit. So if you only have 1 kid, if you use the FSA you can not use the childcare credit.

For my two kids, I use the $5000 FSA (worth about $1400 in tax savings), and then I get to claim $1000 additional for the childcare credit, but at my income level 80% of it is phased out so I get an extra $200 credit.

Really?? I thought you could only use one or the other, but not claim both

You can do both, as explained (whatever you put in the FSA is subtracted from what you can get the credit for--people who put $5000 in the FSA can only get the credit for $1000).

where do i find out about the specifics of this? (to see how it works with my income)

[Anonymous]

Anonymous wrote:$800 full time preschool for 2 year old
$60 after school care for 5 year old
$55 one night paid babysitter per month

= $905

We also have an $1800 bill for summer camp for both kids for six weeks. Then the youngest starts school and costs drop to about $120 a month for aftercare.

Personally I think people paying close to $2k a month for a single child are NUTS and have more money than sense.

OR, maybe, there are no other reasonable choices for their circumstances.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$3150 for two kids in daycare.

There are childcare FSA's if your employer offers one (feds get it) that let you apply $5000 pre-tax money for childcare costs. As you can see, for me that covers less than 2 months of care.

There is also a childcare credit which caps at $3000/child up to $6000 total but is phased out based on income. You have to deduct any FSA money from the credit. So if you only have 1 kid, if you use the FSA you can not use the childcare credit.

For my two kids, I use the $5000 FSA (worth about $1400 in tax savings), and then I get to claim $1000 additional for the childcare credit, but at my income level 80% of it is phased out so I get an extra $200 credit.

Really?? I thought you could only use one or the other, but not claim both

You can do both, as explained (whatever you put in the FSA is subtracted from what you can get the credit for--people who put $5000 in the FSA can only get the credit for $1000).

where do i find out about the specifics of this? (to see how it works with my income)

IRS Publication 503
http://www.irs.gov/file_source/pub/irs-pdf/p503.pdf

[Anonymous]

Anonymous wrote:About $75k per year on childcare for three preschool age kids, including one with special needs. Nanny makes about $57k per year gross, but with taxes, workers comp, tax filing fees, nanny agency fees, back-up childcare, sitters, etc., it easily adds up.

If you factor in camps, then another $15k.

HHI is about $300k.

At least your nanny is well-compensated. That speaks volumes about your commitment to high quality care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:About $75k per year on childcare for three preschool age kids, including one with special needs. Nanny makes about $57k per year gross, but with taxes, workers comp, tax filing fees, nanny agency fees, back-up childcare, sitters, etc., it easily adds up.

If you factor in camps, then another $15k.

HHI is about $300k.

At least your nanny is well-compensated. That speaks volumes about your commitment to high quality care.

Nanny earns $25/hour gross. But she's been with us a long time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$3150 for two kids in daycare.

There are childcare FSA's if your employer offers one (feds get it) that let you apply $5000 pre-tax money for childcare costs. As you can see, for me that covers less than 2 months of care.

There is also a childcare credit which caps at $3000/child up to $6000 total but is phased out based on income. You have to deduct any FSA money from the credit. So if you only have 1 kid, if you use the FSA you can not use the childcare credit.

For my two kids, I use the $5000 FSA (worth about $1400 in tax savings), and then I get to claim $1000 additional for the childcare credit, but at my income level 80% of it is phased out so I get an extra $200 credit.

Really?? I thought you could only use one or the other, but not claim both

You can claim both.

[Anonymous]

Anonymous wrote:We pay $1200 for a full-day preschool in Falls Church City, meals included. It's a very good deal. I am shocked at the cost of infant daycare in DC - it's not even very good but paying two grand for the privilege is insane.

Could you share which school?