04-14-2008, 10:46 AM
| |||
| |||
 Re: Need help with Form 2441 Issue (Child care benefits) "FSH" wrote: - quote - > Ok here is the situation: My wife works for a company and has day care
You start with W-2 Box 1 on line 7 and Box 10 goes to the 2441. The Box 10> expenses taken out pretax. Her wages show up on W2, box 1. Her child > care benefits show up on W2, box 10. > I am self employed and showed a loss in my business last year. > Question 1: On 1040 wages (line 7) do we add her W2 box 1 and 10 together > or do we just use line 1? amount may wind up on line 7, but that depends on how things turn out on the 2441. - quote - > Question 2: Since I took a loss on my business, do I technically have "no
Yes.> earned income", therefore I get no benefit under form 2441? - quote - > It doesn't seem fair that just because I showed a loss that I don't get a
I realize that whenever a provision in the law works against you it seems> credit for daycare expenses. unfair, but that doesn't change it. - quote - > Any help would be appreciated, as I can't find the answer to these
The answers are in the instructions for the 1040 and 2441 and Publication> questions anywhere and the clock is ticking! 503. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#-1
04-14-2008, 01:31 AM
| |||
| |||
| Need help with Form 2441 Issue (Child care benefits) Ok here is the situation: My wife works for a company and has day care expenses taken out pretax. Her wages show up on W2, box 1. Her child care benefits show up on W2, box 10. I am self employed and showed a loss in my business last year. Question 1: On 1040 wages (line 7) do we add her W2 box 1 and 10 together or do we just use line 1? Question 2: Since I took a loss on my business, do I technically have "no earned income", therefore I get no benefit under form 2441? It doesn't seem fair that just because I showed a loss that I don't get a credit for daycare expenses. Any help would be appreciated, as I can't find the answer to these questions anywhere and the clock is ticking! -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| 2441, benefits, care, child, form, issue |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| FSA vs Child Care Credit sprash: Hello, As a first time parent, I'm unable to decide whether putting money in FSA will work better than claiming Child Care Credit on our IT... | Taxes | 1 | 12-12-2007 11:13 PM | |
| dependent care benefits and credit for child and dependent care expenses Tobi: 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... | Taxes | 2 | 03-13-2006 06:37 PM | |
| 2005 DCAP FSA and form 2441 Confused: I am so confused about 2005 DCAP (Dependent Care) FSA (Flexible Spending Account) and it's taxability status that I think I would have a difficult... | Taxes | 2 | 03-01-2006 07:56 AM | |
| Use of BOTH Child care flex accounts and child care tax credit... Tripp Knightly: Can somebody please summarize the rules for using BOTH a child care flex spending account in addition to seeking the child care tax credit? ... | Taxes | 4 | 06-14-2004 06:27 AM | |
| Long Term Care benefits? Bob B: If someone gets a 1099 for Long Term Care benefits paid with the box checked indicating that the taxibility is unknown to the insurance company,... | Taxes | 1 | 02-13-2004 03:02 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
