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Jo2140
New Member

Dependent Care Credit Question

My spouse and I both have Dependent Care FSA's of $5,000 each. We had daycare expenses of $13,000 for our one child. I thought the $3,000 would be eligible for the credit, but Turbo Tax is adding $5,000 to our income and not giving us the credit at all. Is this correct?

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Accepted Solutions
MaryK4
Expert Alumni

Dependent Care Credit Question

The maximum amount that can be excluded from taxable income for child care expenses is $5,000 so the $5,000 of additional income is correct.  For the child care credit, any employer provided benefits are deducted from the amount of your credit.  Since the max for one child is $3,000 you cannot claim the credit.  

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1 Reply
MaryK4
Expert Alumni

Dependent Care Credit Question

The maximum amount that can be excluded from taxable income for child care expenses is $5,000 so the $5,000 of additional income is correct.  For the child care credit, any employer provided benefits are deducted from the amount of your credit.  Since the max for one child is $3,000 you cannot claim the credit.  

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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