Poodlebrain LSU Fan Way Right of Rex Member since Jan 2004 13739 posts
re: Tax Question- Itemizing (Posted on 4/24/13 at 3:18 pm to wegotdatwood)
IRA contributions are reported as adjustments to income. They are taken into account for determining adjusted gross income. FSA accounts are not reported on the tax return since contributions are made with pre-tax dollars. Day care expenses are reported on Form 2441, and they will result in tax credits if your adjusted gross income is below the stipulated limit.
Yes, you can claim the standard deduction and report the IRA contribution and child care expenses.