My wife and I file taxes jointly and we have one child. While the maximum allowed for dependent care FSA is $5,000, I qualify as a "highly compensated employee" and therefore my contribution limit is lower at $2,500. If my wife's company offers dependable care FSA and she can contribute $5,000, can we contribute and claim dependent care FSA through her so as to get the benefit of the full $5,000?
Expenses for day-care are invoiced in my name but paid through her checking account.
Separately, our day-care expenses are higher than the $5,000 threshold, can we also, therefore, claim childcare credit on the remainder of the expenses after claiming the first $5,000 through dependent care FSA?
