My husband and I are going to have our 1st child soon and are unsure how best to plan for the childcare expense with our 2019 taxes in mind. I can take up to $5000 for childcare with a FSA through my work.
From what I understand, you can either do the $5000 FSA or the $3000 tax credit, not both.
Is $5000 in a FSA worth more than a $3000 tax credit?
I'm guessing that with 1 child, the $5000 FSA is the better option for us, but I honestly don't know how to compare the two options. Our childcare cost estimate is about $7000/year.
