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Money and Finances
Reply to "Tax help-please educate me"
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[quote=Anonymous][quote=Anonymous]OP, if you used a pre-tax savings account for childcare expenses, you can't use the tax credit being discussed. It's one or the other. If you have the option to use a pre-tax savings account in the future, it would probably save you more money than the tax credit at your income level.[/quote] This is not 100% correct. You cannot claim the same expenses for both, but since most people in this area end up paying more than $5k for child care, it often works out that you can fully fund your FSA and also get some of the credit as well. We have two in child care, fully fund our FAS and we still get a decent credit. And we are pretty high-earning so we are phased to the lesser amount of the credit. I'd have to go back through the Turbo Tax section on it, but I think it really helps that we have 2 kids.[/quote]
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