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Financial Planning / Tax Strategies
|Subject: Re: Flexible Benefits Accounts||Date: 1/25/2002 7:43 PM|
|Author: ptheland||Number: 57624 of 122846|
The amount you had put into your FSA for child care reduces the amount that you can claim for the child care credit. Since you can put more into a FSA than you can claim in for the child care credit, it is possible to eliminate your child care credit all together.
I think you have one child, so your numbers would be roughly:
If you have two or more children that qualify for the credit, the first line above would be $4800, and you'd have $1300 left to use on the child care credit.
Don't forget that you need to file form 2441 to show that you actually spent the money you put into the FSA.
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