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We have a Dependent Care flex spending account that runs from 7/1/18 to 6/30/19. We received some funds in 2018. Do I claim in 2018 taxes or wait until plan year end?

 
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3 Replies
DanielV01
Expert Alumni

We have a Dependent Care flex spending account that runs from 7/1/18 to 6/30/19. We received some funds in 2018. Do I claim in 2018 taxes or wait until plan year end?

Does your W2 show an amount in Box 10?
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We have a Dependent Care flex spending account that runs from 7/1/18 to 6/30/19. We received some funds in 2018. Do I claim in 2018 taxes or wait until plan year end?

Yes
DanielV01
Expert Alumni

We have a Dependent Care flex spending account that runs from 7/1/18 to 6/30/19. We received some funds in 2018. Do I claim in 2018 taxes or wait until plan year end?

You will claim what you received in 2018 on your 2018 return.  Box 10 is where the amounts are being reported, and these amounts will automatically transfer over to Form 2441 where the funds you received will be reconciled with the daycare expenses you paid to ensure that the FSA you received is not taxable income.  If you have expenses above and beyond the amount of funds you received, you will be able to claim the additional expenses (up to $6000 of expenses before the FSA is deducted out) to determine the Dependent Care Credit.

Once you have an entry in Box 10, you will be prompted to enter information on Form 2441.  Just in case, though, this FAQ has additional information:  https://ttlc.intuit.com/replies/3301418

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