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Fairness doesn't usually enter into laws made by Congress. I suppose they had a good reason to deny the dependent care credit to MFS, but you would have to ask them (probably back in 1986). You can use a tax-free dependent care FSA to pay for care expenses even when married filing separately.
CHILD AND DEPENDENT CARE CREDIT . You will not get the childcare credit until (unless) you enter income earned from working. The credit does not work unless you enter your income first. If you are filing a joint return you must show income for both spouses, or show that one or both of you was a student or disabled.
If you're not in your return already, sign in to TurboTax. Select either Edit or Pick up where you left off under Deductions and Credits. Select You and Your Family. Select Start/Review next to Child and Other Dependent Tax Credits. Answer the questions to complete the section.
The Child and Dependent Care Credit is worth as much as 35% of your qualified expenses, up to $3,000, (for one qualifying person), and $6,000 (for two or more qualifying persons). Your percentage depends on your AGI, with the higher percentages applying to lower incomes and vice-versa. For example, a married couple supporting two qualifying ...
It also allows claiming a Qualified Child as a dependent beyond the age of 18 and would do nothing for a younger child. It also allows claiming the EIC if the child does not meed the dependent test if the only reason is the child's income pays more then half of the child's own support.
The Dependent Care Credit is limited to $3000 in expenses per child. If you have an FSA, your limit is actually raised to $5000 for one or more children. You could only get an extra credit on your tax return if your FSA was under $3000. If you had 2 children, and your FSA was $5000, you can get a credit for that extra $1000.
Yes No. 1 Best answer. Accepted Solutions. rjs. Level 15. For one child, the maximum amount of child care expenses that you can claim for the credit is $3,000. That maximum is reduced by the amount that you used from your FSA. The $5,000 from the FSA is subtracted from the $3,000 maximum.
messner8000. Level 1. Child and Dependent Care Credit - Credit, but amount below Flex Spending. I have a $10,500 dependent care flex spending account. I entered this information in TurboTax. I then filled out the section on Child and Dependent Care Credit. I entered $10,000. There is a Note that says "You have $10,500 employer-provided benefits.
Yes, if you spent the whole $3,000 on child care expenses, and did not make any contributions to a dependent care FSA (box 10 on the W-2). But as you see on form 2441, the percentage that you can use varies between 35% and 20% depending on your adjusted gross income. **Say "Thanks" by clicking the thumb icon in a post.
Yes, you can claim medical and child care expenses even if the child doesn't live with you. The child would be considered a non-dependent which would allow the other parent to claim the child tax and EIC credit. Only one parent can claim this credit, but you can claim deductions for the expenses. June 4, 2019 10:07 PM.