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Money and Finances
Reply to "Discrimination test for dependent care FSA?"
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[quote=Anonymous]That's too bad, but it might not be as costly as you fear. You weren't saving $5000 in taxes, but instead were reducing your taxable income by $5000, so your tax savings were a few thousand dollars - the actual amount depends on your tax rate. If you can't use the account, you will instead be eligible for the child care tax credit, which should save you $600 if you have one child and $1200 if you have two or more. I don't know how the company works, but you might want to see if his compensation can be adjusted because of the loss of expected benefits.[/quote]
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