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Tax Professionals - Question about FSA's
Posted on 12/16/08 at 3:54 pm
Posted on 12/16/08 at 3:54 pm
What's more beneficial - Dependent Care FSA or taking the Child Care Credit?
My annual day care expenses are way over the max amount of each ($5k/$6k). It looks to me like if my tax bracket is over 24%, then I'm better off participating in the FSA? Is this correct?
My annual day care expenses are way over the max amount of each ($5k/$6k). It looks to me like if my tax bracket is over 24%, then I'm better off participating in the FSA? Is this correct?
1
Posted on 12/16/08 at 3:56 pm to TheLittleAristotle
Big game against Louisville this weekend, eh?
EDIT: But to address your post, just Googling "daycare FSA child care credit", this webpage came up, and "Bouchey" said this...
EDIT: But to address your post, just Googling "daycare FSA child care credit", this webpage came up, and "Bouchey" said this...
quote:
After talking to my tax advisor, it made more sense to use a spending account. Based on my income, I would be able to write off up to $600 in childcare expenses. If I used a spending account throughout the year, I would end up being able to have $5000 (the max) pre-tax out of my paycheck placed in the spending account. I think depending on your situation (and if a spending account is available through your employer/benefit provider), it would impact the decision of childcare credit vs. spending account. My recomendation - talk to your tax advisor first!
This post was edited on 12/16/08 at 4:03 pm
Posted on 12/16/08 at 4:04 pm to Doc Fenton
Just a warmup for SLU, son.
Posted on 12/16/08 at 4:07 pm to Doc Fenton
Yeah, but it looks like Bouchey is just talking about one child (20% on $3,000 for one child = $600). In my case, there would be $1,200 credit since I have 2 (based on the $6,000 max).
The FSA limit for the year is $5k regardless of no. of kids.
The FSA limit for the year is $5k regardless of no. of kids.
Posted on 12/16/08 at 4:07 pm to TheLittleAristotle
Which, in turn, is just a warmup for High Point College, I suppose. 
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