My company is offering a a FSA account to which I could contribute up to 5,000$ and I am evaluating if I should open one or not based on how advantageous (or not) it would be for my taxes in 2023.
I have two children and will be able to claim around 35,500$ of child care expenses. I am wondering how can I determine if it is better to open the FSA account for next year taxes or will I be loosing in terms of Child Care Tax Credit?
Can someone break down the calculations?
Thank you!
