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Info I found about Child Care tax credit and pretax flex spending.

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sfp0701
Liam's Mommy!

Member since 1/07

9764 total posts

Name:
Tricia

Info I found about Child Care tax credit and pretax flex spending.

I found this information and I thougt I would pass it on. It doesn't help me but, it may help others.

"You are not permitted to claim the same expenses on both your Federal income taxes and Dependent Child Flexible Spending Account, although in certain situations you may be able to take advantage of both the DCFSA and the Child and Dependent Care Tax Credit. If you have two or more qualifying individuals as dependents, the IRS allows you to apply up to $6,000 of dependent care expenses to your taxes. The maximum allowable under a DCFSA is $5,000, so you may apply the $1,000 incremental difference between the DCFSA maximum and the Child and Dependent Care Tax Credit if you have two or more dependents and your expenses exceed $5,000. The chart below helps to illustrate: "

So, it seems that if you have two children in daycare and you take the full 5,000 in Flex spending you may be able to claim the 1,000 to add up the max 6,000 that IRS allows you to claim for the Child care tax credit.

source

Posted 2/7/11 4:31 PM
 
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Pray4Baby2010
<3 Cutest Giants Fan

Member since 10/09

5796 total posts

Name:
MB

Re: Info I found about Child Care tax credit and pretax flex spending.

God, why do they write this stuff in greek! thanks I think I get it now!

Message edited 2/7/2011 4:37:39 PM.

Posted 2/7/11 4:36 PM
 
 

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Child Tax Credit? Stacey1403 3/13/07 3 Families Helping Families ™
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