- quote -

Yes, you can use both, subject to both the $3K/$6K limit of
the credit and the $5K limit of the flex account.

- quote -

No, because the max expense allowed for the credit is $3K
for one child.

Now change the example to have two children with the same
total expenses. You spent $6.5K, are limited to $6K on the
credit, and the FSA paid $5K. You will qualify for a credit
based on the $1,000 difference between the $6K credit limit
and the $5K FSA.

--
Don EA in Upstate NY

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Tripp Knightly wrote:

- quote -

The maximum amount of qualified expense per child is $3000. As
you have already received $3000 in benefits, you are not eligible
for the dependent care credit.

As a side note, if you had two eligible children for whom you had
incurred the $6500 of expense and had received the $5000 in
benefits, then you would be able to use $1000 of the unreimbursed
amount in calculating the credit.

--

Alan
http://taxtopics.net

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trippknightly[at]hotmail.com (Tripp Knightly) writes:

- quote -

Yes. See Publication 503 and Form 2441.

Phil Marti
Topeka, KS

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Tripp Knightly wrote:

- quote -

See Form 2441, and instructions thereto.
http://www.irs.gov/pub/irs-pdf/f2441.pdf
http://www.irs.gov/pub/irs-pdf/i2441.pdf

- quote -

Nope.

Phoebe

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Can somebody please summarize the rules for using BOTH a
child care flex spending account in addition to seeking the
child care tax credit? Obviously you can't double dip and
claim credit for expenses reimbursed via FSA.

But suppose you've got $6,500 in expenses (for 1 child), $5K
paid via the max FSA amount. Can the remaining $1.5K
qualify for the child credit (exact amount of which would
depend on your income level, but in most cases would be 20%
of $1.5K).

Thanks...

- TK

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