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#3
04-13-2004, 09:13 AM
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 Re: FSA insufficient to cover expenses - can I deduct the rest? gd_souza[at]hotmail.com (gd) wrote: - quote - > I am having to use FSA for the first time - hence the newbie
Go to www.irs.gov and check out the Child and Dependent Care> type question. > If I had $300 contributed towards dependent care FSA, but in > reality had $2500 in actual dependent care expenses, can I > deduct the remaining $2200 from income? > What IRS publication explains this? What form do I fill > out? > Your insights will be appreciated (more so if I get them > before the 15th :-). Credit. You can get a credit for the out-of-pocket expenses. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-13-2004, 08:35 AM
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| Re: FSA insufficient to cover expenses - can I deduct the rest? - quote - > I am having to use FSA for the first time - hence the newbie
Form 2441> type question. > If I had $300 contributed towards dependent care FSA, but in > reality had $2500 in actual dependent care expenses, can I > deduct the remaining $2200 from income? > What IRS publication explains this? What form do I fill > out? -- Don EA in Upstate NY << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-13-2004, 07:56 AM
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| Re: FSA insufficient to cover expenses - can I deduct the rest? gd_souza[at]hotmail.com (gd) writes: - quote - > I am having to use FSA for the first time - hence the newbie
Dependent care expenses are the basis for a credit, not a> type question. > If I had $300 contributed towards dependent care FSA, but in > reality had $2500 in actual dependent care expenses, can I > deduct the remaining $2200 from income? > What IRS publication explains this? What form do I fill > out? deduction. Yes, you can use the excess. Publication 502 and Form 2441. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-13-2004, 07:18 AM
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| Re: FSA insufficient to cover expenses - can I deduct the rest? gd wrote: - quote - > I am having to use FSA for the first time - hence the newbie
I don't recall the publication, but form 2441 walks you> type question. > If I had $300 contributed towards dependent care FSA, but in > reality had $2500 in actual dependent care expenses, can I > deduct the remaining $2200 from income? through the calculations. In general, if the entire $2500 would otherwise be allowable, you get a tax credit for 20-30% of $2200. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-12-2004, 11:31 AM
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| FSA insufficient to cover expenses - can I deduct the rest? I am having to use FSA for the first time - hence the newbie type question. If I had $300 contributed towards dependent care FSA, but in reality had $2500 in actual dependent care expenses, can I deduct the remaining $2200 from income? What IRS publication explains this? What form do I fill out? Your insights will be appreciated (more so if I get them before the 15th :-). - GD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| cover, deduct, expenses, fsa, insufficient, rest |
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