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Reply to "Tax question - Childcare FSA or deduct expenses?"
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[quote=Anonymous][quote=Anonymous]Sorry OP; didn't mean to steal your thread....similar question. We have 16yo, 2yo, and 1yo. Can we do FSA for the 16yo (summer camps) and take a 6K (2 kids *3K) standard deduction for the younger ones? Are FSAs limited by age of children?[/quote] Yes--unfortunately you can only submit expenses for kids under age 13 (for both FSA and for the credit). There is no standard deduction--it's either the FSA or a credit of up to 20% of the costs of care for the younger two (or a combo if cost of care for younger two exceeds whatever you've put in the FSA). And only if both parents are working or looking for work for the time care is provided.[/quote]
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