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#2
06-14-2006, 02:48 AM
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 Re: pre-tax dependent care limit for 2 children Herb Smith wrote: - quote - > bbcrock[at]gmail.com wrote:
Call to the IRS said $5k max or $2500 per employee in> > My HR person at work said that with 2 children, the > > dependent care pre-tax program increases from a $5000 max to > > a $10k max if there are two earners. It was my > > understanding that no matter what the cost, number of > > dependents or number of earners, the maximum money that > > could be set aside for this program was $5000. > The FSA limit is $5,000 PER EMPLOYEE. If you both work for > the same employer, then that could be $5,000 each, for a > total of $10,000. Of course, if your daycare expenses are > less than this, the balance is taxable or forfeited. two-earner family. Don << ================================================== ===== > << 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
06-10-2006, 08:00 PM
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| Re: pre-tax dependent care limit for 2 children <bbcrock[at]gmail.com> wrote - quote - > My HR person at work said that with 2 children, the
He's wrong.> dependent care pre-tax program increases from a > $5000 max to a $10k max if there are two earners. - quote - > It was my understanding that no matter what the cost,
People over fund their dependent care programs on a regular> number of dependents or number of earners, the > maximum money that could be set aside for this > program was $5000. > Who is correct? basis. When that happens, you have to add the excess back to your income. -- Paul A. Thomas, CPA Athens, Georgia << ================================================== ===== > << 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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06-10-2006, 08:00 PM
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| Re: pre-tax dependent care limit for 2 children bbcrock[at]gmail.com wrote: - quote - > My HR person at work said that with 2 children, the
The FSA limit is $5,000 PER EMPLOYEE. If you both work for> dependent care pre-tax program increases from a $5000 max to > a $10k max if there are two earners. It was my > understanding that no matter what the cost, number of > dependents or number of earners, the maximum money that > could be set aside for this program was $5000. the same employer, then that could be $5,000 each, for a total of $10,000. Of course, if your daycare expenses are less than this, the balance is taxable or forfeited. << ================================================== ===== > << 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
06-08-2006, 07:01 PM
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| pre-tax dependent care limit for 2 children My HR person at work said that with 2 children, the dependent care pre-tax program increases from a $5000 max to a $10k max if there are two earners. It was my understanding that no matter what the cost, number of dependents or number of earners, the maximum money that could be set aside for this program was $5000. Who is correct? Thanks! Don << ================================================== ===== > << 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 |
| care, children, dependent, limit, pretax |
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