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Reply to "OMG, just realized I forgot to claim our FSA dependent care funds for 2016"
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[quote=Anonymous][quote=Anonymous]Shouldn't this also affect your taxes? You can utilize either the Dependent Care FSA or take the Dependent Care Tax Credit, but you can not take a tax credit for expenses that have been reimbursed by the FSA, since yours weren't reimbursed by the FSA, can you take the tax credit?[/quote] No, it wont. The $5000 she deposited into the FSA is allowed as a deduction in taxes. Ideally, she would have used those funds for her expenses AND gotten the tax write-off on that amount as well. At 25% tax rate that would be $1,250 in benefits. Now she has a $3,250 loss. If the tax rate is higher, the loss is lower.[/quote]
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