Does the dependant care (child care) Flexible Spending Account impact the Child Care Credit?
Any expenses reimbursed with pre-tax dollars cannot be applied to the tax credit on your income tax return. Generally, if your annual income exceeds $27,000 ($35,000 if married filing jointly), the Dependent Care (child care) Flexible Spending Account could be more beneficial to you. Each situation needs to be evaluated individually. Please contact your tax advisor or Barney & Barney for more specific information regarding the child care credit.
Related Questions
- If my employer did not put the amount I paid into a flexible spending account for dependent care in box 10 on my Form W-2, can I claim the Child Care and Dependent Tax Credit?
- What is the maximum contribution to the dependent care (child care) Flexible Spending Account?
- Does the dependant care (child care) Flexible Spending Account impact the Child Care Credit?
