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Reply to "taxes - DCFSA v. dependent care tax credit v. child tax credit"
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[quote=Anonymous]Can someone in the know break this down for me (or at least check my math)? I max-ed out my DCFSA ($5000 pre-tax dollars). I believe there is also a dependent care tax credit ($3,000 for 1, $6,000 for 2), from which I need to subtract my DCFSA $. For 1 kid, this eliminated the credit. With 2 kids, I would have $1,000 depdendent care tax credit available, assuming DC2 was in daycare at some point during the year and my child care expenses were $6,000 or greater (ha!)? Also, am I required to file married jointly and use a standard 1040 form to claim this credit? I think so. I believe there is also a child tax credit, but that it is phased-out at a certain AGI ($55,00 for married filing separately, $110,000 for married filing jointly). Does this sound right?[/quote]
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