Working moms who do their taxes w/ Turbo Tax

Re: Working moms who do their taxes w/ Turbo Tax

• REOM member

  January 2012

  I'm not an accountant, I'm a kindergarten teacher

  How much did you  spend in childcare total? You can use the childcare credit for any amount OVER the $5000 that you used the dependent care for.

  For example, if you pay $1000/month for childcare, that's $12,000 per year. You could use the child care credit for $7000 of your total child care expenses.
  

  DD1 12.18.06 DD2 9.18.08 DD3 EDD 5.10.2012

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• MelandJeff

  January 2012

  KellyGreen:

  I have always set aside $5000 in a dependent care FSA and have always used Turbo Tax to file my federal return.

  I thought that using an FSA meant that you could not also claim the Credit for child and dependent care expenses (form 2441).  

   But, this year Turbo Tax is saying that I get a $600  Credit for child and dependent care expenses?

  I feel like this is double dipping but I'm not quite sure what to do... besides hire an accountant? 

  I do everything the same as you, and getting both credits is legit. :-)

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• GettinNervous

  January 2012

  I do the same thing. If it asks me, I tell it!! And I spend $18K a year, so every bit helps!!

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• baby*love

  January 2012

  I use TT and I believe you still put in your total amount spent when working on the child care credit and TT should automatically deduct out your dependent care FSA funds as they are listed on your W2 so that you aren't doing the calculation manually.

   

   

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