in Education
1637766
You'll need to sign in or create an account to connect with an expert.
Did you have a dependent care FSA at work to pay for expenses pre-tax? That would be listed on your W-2 in box 10. If you had a $5000 FSA, that uses up your eligibility to also claim the dependent care credit. Since the maximum expenses for the credit are $6000 with two or more children, a $5000 FSA would leave you with $1000 of leftover expenses to count toward the credit.
Your child care expenses are limited to your earned income, or if you are filing jointly with your spouse, they are limited to the earned income of the lowest earner.
Without knowing details about your tax situation, it is not possible to specifically answer your question. Look at this TurboTax article to see if it helps: https://turbotax.intuit.com/tax-tips/family/the-ins-and-outs-of-the-child-and-dependent-care-tax-cre...
Make sure you have entered both children and the care providers information with the total amount paid to the care provider. As you can see from the article, the percentage of total amount paid varies with your income amount.
Did you have a dependent care FSA at work to pay for expenses pre-tax? That would be listed on your W-2 in box 10. If you had a $5000 FSA, that uses up your eligibility to also claim the dependent care credit. Since the maximum expenses for the credit are $6000 with two or more children, a $5000 FSA would leave you with $1000 of leftover expenses to count toward the credit.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
anonymouse1
Level 5
in Education
anonymouse1
Level 5
in Education
currib
New Member
bgoodreau01
Returning Member
bgoodreau01
Returning Member