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[quote=Anonymous][quote=Anonymous]OP here.  I dont have a [b]child care flex account or savings[/b]. This is all news to me and if it wasn't for Turbotax asking me what i paid in childcare expenses, i would not know this existed. I need to be educated on this.  [/quote]

It's a flexible spending plan available through your employer.  You have to elect to participate, but once you do, they will withdraw up to $5k (you can set a lower amount) from your paycheck pre-taxes and put it into a separate account.  You can then withdraw the money from that account by submitting a claim for your childcare expenses - you just fill out and form and send in your invoice or receipt from your provider.  The savings comes in because it reduces your taxable income - i.e., that $5k is excluded from the income amount upon which your taxes are calculated (similar to how the money you put in a 401k is excluded from your taxable income).  You can ask your HR if there is a plan available at your workplace.  [/quote]

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