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If I have Dependent Care Benefits, can I not claim Child and Dependent Care Credit?
In 2021 I had $10,500 (the maximum) in Dependent Care Benefits (which are listed in Box 10 of my W2)., in the form of a dependent care flex. spending account. Am I correct that if I used this entire amount (or didn't use it, but was allowed to roll it over to use in in 2022 - i.e., I didn't forfeit any of the money), and I did not have child care expenses exceeding $10,500 in 2021, then I cannot claim the child and dependent care credit - because I already received a tax benefit on my child care expenses?
Thanks!
‎February 27, 2022
11:53 AM