applegrape
Flexible Spending Account VS. Child Care Credit
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2007-12-12 15:25:00
Hello,
It's the end of the year, so need to do some tax planning. Is there anybody knows, Flexible Spending Account VS. Child Care Credi (Form 2441), which can save more tax? Or which combination can save more tax?
For Child Care Credit, the maximum expenses you can put there is $3,000; For FSA, the maximum money you can put there is $5,000.
Cannot print Chinese, sorry for that.
Thanks!
I don't think you have any choice.
Medical expense have to go to FSA and child care expense can only go to Child Care Credit
agree above. totally different accounts.
Thank you for reply. But acutually, you can put daycare expense into your FSA. It's pre-tax, and the maximum amount you can input is $5000 per family.
No way. FSA is only for medical and dental expense for you and your dependent
I agree with feather.
I don't think child care credit can be part of FSA expense
I agree with feather.
I don't think child care credit can be part of FSA expense
I used FSA before tax money to pay my son's preschool expense every year. I have read a lot of documents about that also. I am so FSA can be use for dependent care. I never use child care credit, so I can not compare them.
To use FSA to pay dependent care, both parents must have income, or actively look for jobs, or be full time students for part of the year. The FSA amount can not be large than the smaller income of the parents. There is a formula to calculate the "income" for full time student also.
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