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Money and Finances
Reply to "Dependent Care FSA Question re: W2"
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[quote=Anonymous][quote=Anonymous]Also a fed and my box 10 also has my $5K in dependent care FSA. Just looked at my Form 2441 and I'm not sure what you mean when you say that the amount on the 2441 is the same as box 10. Where on Form 2441? If you have an FSA you can't also claim the full amount of the dependent care credit. You have to subtract the amount of the [b]FSA[/b] first. So if you only have 1 kid, you can get a credit based on $3000. But if you put $5000 in an FSA, then there is no dependent care credit available to you because the FSA amount is more than $3000. If you have 2 kids, you can base the credit on $6000. If you have an FSA, you subtract $5000 from the $6000 and get a credit based on the extra $1000. So I get a $200 credit on my tax return. I'm not paying taxes on the $5000, I just can't get a double tax break for it. [/quote] Sorry--typo. Corrected in bold above.[/quote]
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