“I don't see how you are getting a $780 care credit - maybe a $780 deduction, but not a credit.”
Yea I meant $780 expenses eligible for credit.
So to clarify $420 in box 10 is correct and by end of plan year (2021) it’ll reach $1200 which is what I allocated during enrollment. My company doesn’t just give me $1200, they take percentage from my paycheck until allocated amount is reached which is why box 10 is $420. I got hired in October 2020. I paid child care expenses out of pocket $1200 but will get reimbursed later in 2021. So $1200-$420 is $780 in expenses eligible for credit even though I’ll get reimbursed for it
I’m thinking 2021 box 10 will be $780 ($1200 allocated amount -$420 in 2020). That extra income will be taxed and government will get money back I took this year for child care credit assuming I don’t have child care expenses in 2021. So correct me if I’m wrong taking child care credit for pretax dollars this year is fine because I will get taxed for the remaining amount next year if that makes any sense
