Use the FSA on other expenses if you have them, win-win.

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Nov 5, 2019
8:36:57am

ebv All-American

Use the FSA on other expenses if you have them, win-win.

Better, if you can get access to an HSA, just bank everything into that that you can and do childcare out of pocket to get the tax savings there.

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ebv

Bio page: ebv
Joined: Jan 12, 2011
Last login: May 4, 2024
Total posts: 11,895 (679 FO)

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Messages

Author

Time

Any downside to using a childcare FSA vs claiming the childcare tax credit?

LaserCoug

11/5/19 8:29am

Use the FSA on other expenses if you have them, win-win.

ebv

11/5/19 8:36am

I'm doing both medical and childcare FSAs. No HSA available but I have really

LaserCoug

11/5/19 8:38am

Sounds like you're doing exactly the right thing then!

ebv

11/5/19 8:41am

As a note side, it's stupid that the childcare FSA max is only $5,000 for MFJ.

RdF3

11/5/19 8:45am

Amen. I'm paying 5x that right now.

LaserCoug

11/5/19 8:48am

How does this impact taxes? I know the FSA is pretax

Superman21

11/5/19 8:52am

Looks like if you use your childcare FSA, you lose your childcare tax credit

LaserCoug

11/5/19 9:01am

Thank you. I thought the child tax credit was $2,000

Superman21

11/5/19 9:29am

You still get the child tax credit for each child. This is a childcare tax

LaserCoug

11/5/19 10:12am

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