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Reply to "Tax question - Childcare FSA or deduct expenses?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]NP- I thought the dependent care FSA was $5000 max? Are PPs saying that if we spent $24k on daycare this year we should get an additional $1000 back if we maxed out the $5000 in the FSA? TIA! [/quote] I may not be explaining that very clearly but basically if you max your FSA and spend at least $6K on child care for two kids under 13, you get [b]an additional $1K [/b]from the dependent care tax credit. If you have only one kid under 13, you're only eligible if you had less than $3K in your FSA. In both cases, you still want to max the FSA first if you think you will spend that much, since you get more benefit from that than from the credit.[/quote] Ugh, really not explaining clearly--sorry! You get the credit against that additional $1K in costs, which = $200.[/quote]
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