Hello,
I work on a full time job on W2. We have 2 kids who attend the preschool. We pay for the preschool out of pocket currently.
My wife has recently started a small online business which has not generated any income. Prior to this wife was not working.
As I understand there are certain restrictions where we can't get the childcare expense credit when both parents are not working.
Given the above situation, would you please help answer these questions:
- Do we get the childcare credit on the tax return for 2024 next year?
- Are we eligible to open the flexible spending account to pay for preschool fees?
Thank you!
