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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][quote=Anonymous][quote=Anonymous][quote=Anonymous]i never do this, its better to just claim the deduction on your taxes[/quote] Can't you do both? [/quote] Yes, but the FSA amount offsets the amount of credit one can claim (which is already limited to $6000 for two or more kids).[/quote] https://www.babycenter.com/0_tax-time-flexible-spending-plans-versus-the-childcare-credit_3651253.bc Not worth the hassle to do the FSA all that admin work and submitting etc...[/quote] I don't take financial advise from babycenter.com. But even they agree with us. "Generally, the more you earn, the more you'll benefit from an FSA, particularly if you're at or above the 25 percent federal tax bracket. Taxpayers in the 15 percent federal tax bracket who have only one child and have qualified expenses of at least $3,000 may be best off with the FSA, too." Here are the tax brackets: http://www.bankrate.com/finance/taxes/tax-brackets.aspx [/quote]
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