Both my and my husband's employers offer Pre-Tax Dependent Care accounts. Each account allows pre-tax payroll deductions for qualified childcare for dependents. These deductions are held in the employer's account and are re-imbursed to the employee after approved childcare receipts are submitted. Each account has an annual max deduction of $5000.00. My question is: Can we use both accounts to effectively raise our combined annual limit to $10,000.00? In other words, if we have two dependents with annual care expenses of $5000.00 each, can we both take advantage of these accounts at our respective employers? Or, will be penalized at the end of the year when we file our W-2's with our tax returns?Thank you.
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