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Deductions & credits
@MarilynG1 Thanks for replying.
I can't just subtract the $5,000 from the expenses I'm reporting though. I paid $15K in dependent care expenses in 2020 and my company benefit account reimbursed me (tax-free) $5K. Even if I only enter $10K in expenses into TurboTax, it is still giving me the credit.
I was under the impression that the child and dependent care credit only picked up where any tax-free employee benefit reimbursement(s) left of.
I think the only way for me to ensure I don't double dip is to just tell TurboTax that I had $0 dependent care expenses in 2020. But my question is: will leaving that info out of TurboTax cause any miscalculations in any other part of TurboTax?
‎April 5, 2021
6:05 PM