- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
You're right, thank you very much. Even though her W2 is entered, it doesn't calculate anything until a dollar amount is put into box 1. On a much related note to the "FSA/child and dep. care credit/box 10 dependent care benefits pool," putting $5000 into/toward the FSA REMOVED the $600 credit ($3000x.2) in exchange for $732 of tax relief (at 14.64% ETR), leaving us with a net $132 savings, or .0264% on that $5000 for the hassles involved with monthly claims and tax-time grief. No one ever put that info forward, the fact that you can make more on that $5000 in myriad other ways. Instead, FSAs are advertised and sold as, "Save $1000 in income taxes on as little as $5000." Complete BS. Thanks again for pointing out that a dollar amount in box 1 for both filers will likely activate the full Form 2441 within TurboTax.