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#1
03-13-2006, 06:37 PM
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 Re: dependent care benefits and credit for child and dependent care expenses "Tobi" <tbeetz[at]yahoo.com> wrote: - quote - > Well, by now i kind of figured that i can't claim the credit
remember the fica> AND not pay taxes on the FSA money. Is it however possible > to just list the FSA money as income, pay the taxes and take > the credit? you are saving that too << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-09-2006, 07:44 PM
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| Re: dependent care benefits and credit for child and dependent care expenses Well, by now i kind of figured that i can't claim the credit AND not pay taxes on the FSA money. Is it however possible to just list the FSA money as income, pay the taxes and take the credit? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-08-2006, 03:42 AM
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| dependent care benefits and credit for child and dependent care expenses I put $3500 in a flexible spending account for daycare expenses, which reduced my income. If I fill out form 2441 I find that I can not claim the credit for child and dependent care expenses on line 48 of form 1040, which would have been $630 in my case. If I hadn't done the flexible spending account, my taxable incame would have been higher by $3500 and I would have to pay about $500 more in taxes. Does that mean that by using a flexible spending account I basically lost $130?!?! That doesn't seem like a benefit then, or am I doing something wrong? Thanks! << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| benefits, care, child, credit, dependent, expenses |
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