NEED Turbo Tax help w/FSA and Childcare expenses!!!

Is there anyone who uses TurboTax and uses a Dependent Care account through an FSA?

I'm using Turbo Tax and when you enter the Wages on the W-2 in Box 10 you enter the amount spent through the FSA. Ok, great. But then you get to the Deductions section and it tells you to enter the total childcare expenses amount for each child. Are you suppose to put the total amount spent even after using an FSA? Someone said that you do and Turbo Tax does the calculations for you, to not deduct the $5,000 yourself otherwise you're double taxing yourself? Anyone know what to do?

If you're not suppose to do the deductions yourself then I need to amend last years. We ended up owing since I did this?

HELP!!!

Re: NEED Turbo Tax help w/FSA and Childcare expenses!!!

When it asks you to enter how much you paid in childcare expenses, put exactly what you paid for the year.

Re: NEED Turbo Tax help w/FSA and Childcare expenses!!!

So, I'm still putting it in even though the $5,000 is in box 10 on the W-2?

This is so confusing...

I have $4,999.92 in box 10 and $6,510.00 total in childcare for the year that I've paid to the center.

So now I will have the $4,999.92 in box 10 AND $6,510.00 in the Deduction section for childcare expenses and TurboTax calculates this for me? Is this correct?

If this is correct I did last years taxes wrong and that's why we now owe money. Can I amend our taxes from last years?

Re: NEED Turbo Tax help w/FSA and Childcare expenses!!!

No you won't get a childcare credit for the childcare you paid. You would only get a credit if you did not participate in the FSA through your work.
You still need to put in what you paid though because if you don't TT will add the $5000 FSA to your income and you will be taxed on it.

Re: NEED Turbo Tax help w/FSA and Childcare expenses!!!

I know we won't get anything on it, I just need to know if we just put the numbers in anyway???

Re: NEED Turbo Tax help w/FSA and Childcare expenses!!!

Put it in both places It will calculate it correctly. You might get a small add'l credit since you can get up to 6k credit for 2 children and fsa is only 5k

Re: NEED Turbo Tax help w/FSA and Childcare expenses!!!

yes you do enter it- I sent you an FM also.

Re: NEED Turbo Tax help w/FSA and Childcare expenses!!!

Thanks!

How do I do an amendment for last years taxes now since I did it wrong and ended up owing money? We are getting back money now this time.

ETA: We haven't paid the taxes off yet. We're on a pymt plan. Thanks!

Message edited 2/18/2011 1:25:27 PM.