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Deductions & credits
There would not be a penalty, you just would not be able to answer the Dependent Care Credit questions to determine if any part is taxable without doing so. This could happen if you guys had $5,000 in your FSA's and only paid $3,000 in dependent care. That could trigger $2,000 to become taxable since you don't pay taxes when you contribute.
May 31, 2019
5:00 PM