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Turbo Tax & Daycare Deduction

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Old 02-02-2010, 10:01 AM   #1
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Turbo Tax & Daycare Deduction

We had our first child in 2009, so I'm a little confused on the info I need to input into Turbo Tax. My wife & I both work, while our son goes to a daycare provider. I had $4xxx automatically deducted from my salary and put in a Dependent Care FSA account. We ended up paying the daycare provider more than what we had in the FSA account.

  • I can't claim the $4xxx FSA since it was taken out pretaxed-correct?
  • How can I get a tax credit on the money we paid out of pocket (everything over the $4xxx FSA account?
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Old 02-02-2010, 10:06 AM   #2
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Get a statement from the daycare provider with the total amount paid for 2009. They should also be able to provide you with a tax id #. The total amount paid should be tax deductable.
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Old 02-02-2010, 10:13 AM   #3
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Old 02-02-2010, 10:53 AM   #4
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Quote:
Originally Posted by Flynn Diesel View Post
Get a statement from the daycare provider with the total amount paid for 2009. They should also be able to provide you with a tax id #. The total amount paid should be tax deductable.
I thought only the amount paid out of pocket after we maxed out our daycare FSA would be deductable?
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Old 02-28-2010, 09:52 AM   #6
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i am a accountant. i don't use turbo tax. where you imput your w-2 info there should be a box for money withheld for daycare. imput that amount what was withheld. there should also be a place where you enter qualified dependant care expenses. you have to imput the amount paid for your child, and also the total paid to the provider or providers.

you will still get a additional credit for the diffrence b/w the amount withheld and 5,000. 5,000 is the max for dependant care credit for one child.
run it through your w-2, it is much better this way. it basicly boils down to the fact
that when you have it run through your w-2, you do not have to pay social security and medicare on that money. not having state and federal withheld almost equals the credit. it comes down to the social security and medicare. at least it did several years ago when i figured it on mine.
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