I have been reading up on Dependent care FSA and Child care tax credit and which is preferable for what income bracket etc. Everything I've read clearly states that you CANNOT claim a tax credit for something that was already paid out of the FSA. However, I haven't seen anything definitive about the reverse.
So the DCFSA yearly limit is $5000s per year and the CCTC is about $3000s for 1 child. So what if my child care costs exceed either amount. In my city, child care costs of $1000/month is considered pretty cheap, $1500 is more the norm. So can I route $5000s through my FSA and then still claim an additional $3000s through the tax credit (and still pay at least $4000s more fully taxed)?
Or is it that, if I use the FSA, I am no longer eligible for CCTC?
Submitted March 10, 2017 at 10:10AM by iomegabasha http://ift.tt/2mrt5W2
