My boyfriend and I file separate returns. He contributed to dependent care FSA ( Box 10 on w-2) to pay for our child’s preschool last year. I have been claiming my child on my own taxes prior to that. Would his dependent care FSA be taxed if he’s not able to claim her?
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Yes, unless he has another dependent he is claiming and can apply the credit to.
Hey @DawnC
So I have a similar situation, but with mine, I accidentally selected FSA Dependent Care and didn't know until I got my W2. So we lose the money we put into the account because the IRS or employer wont give it back, and we get taxed on it as well?
The IRS doesn't have the money in your FSA, your employer does. And if they have a 'use it or lose it' policy then you do indeed lose the money and get taxed on it as well. I would definitely go see my HR department or pay some child care expenses right quick.
Thank you for your help. This is truly disappointing. If only I could use it on my dogs bills, that would be great.
Do you have a nephew or niece? Or a friend's kid? If they're just going to take it away from you you could use it for someone else. It won't help your taxes any but it will at least use the money.
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