Hello gmeadows09,
Thank your for participatingin the Ask the Experts event. As to your question, yes, it could be beneficial but you need to understand the specifics of your employers plan. What the dependent care savings account does is allow you to set aside that $5,000 pre-tax to use toward your dependent care throughout the year.
However, if your employer's plan year ends on 12/31 and you don't use all the money you set aside you may lose it unless your employer has a grace period or allows some of it to be carried over. Also, you would need to have had a qualifying life event in order to enroll in it outside the open enrollment period.
Either way, if you spend money on dependent care, having this account is beneficial to give you the tax break throughout the year instead of only when you file your taxes for the Dependent Care Credit. And, it doesn't disqualify you from still receiving the credit for amounts above the $5,000 you set aside throughout the year (you just can't claim the credit on any funds already reimbursed).
I hope that helps.
