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Started By
Message
re: Question about Childcare/Pre K tax write off
Posted on 1/31/18 at 9:17 am to ODP
Posted on 1/31/18 at 9:17 am to ODP
quote:Tell me about it! We're just counting the days until they're old enough to start school. Thankfully, we live in an area with great public schools, so we'll get a reprieve in a few years.
0
Posted on 1/31/18 at 9:18 am to whitefoot
quote:
We paid $30k for two kids in daycare last year
That's $288 a week, per kid, 52 weeks a year. In Katy, TX, we paid $200 a week for one kid, and that was 8-9 years ago. And that was for a good, but nothing fancy, facility. If you are in a higher cost market, I can see that. Yes, it's insane.
Posted on 1/31/18 at 9:28 am to LSUFanHouston
The younger child is just under $300/week and the older one is around $250. We're in the Nashville area, so probably comparable to Houston cost-wise.
We're just a regular old middle class family with two working parents. It would be cool if the limit was a little bit closer to actual expenses, to ease our tax burden. I guess it won't matter next year, though.
We're just a regular old middle class family with two working parents. It would be cool if the limit was a little bit closer to actual expenses, to ease our tax burden. I guess it won't matter next year, though.
Posted on 1/31/18 at 9:50 am to whitefoot
quote:
Did $5k in an FSA and the other $1k in the childcare credit
You're definitely not "allowed" to do both. It's meant to be one or the other.
Posted on 1/31/18 at 10:06 am to whitefoot
We paid 11k last year for one, and I thought that was bad. 
Posted on 1/31/18 at 11:52 am to WildManGoose
quote:
You're definitely not "allowed" to do both. It's meant to be one or the other.
You are not allowed to use the same dollars for both. And you have to reduce your uses for credit by your uses for FSA.
But the limit on FSA is 5K and the limit on credit is 3K per kid up to 6K total. So if you have at least 2 kids in child care and at least 6K in expenses, you can run $5K though the FSA and use $1K for the credit.
Posted on 1/31/18 at 11:53 am to whitefoot
quote:
It would be cool if the limit was a little bit closer to actual expenses, to ease our tax burden.
That would be the opposite of tax simplification, though, but it's a fine example of the issue. Everyone, myself included, wants everyone else to subsidize my costs through the tax code.
Posted on 1/31/18 at 12:52 pm to LSUFanHouston
I did not know that. Just in time for tax season, but it looks like I'll need a new CPA.
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