Dependent Day Care (FSA-Day Care) Tax Credit Wizard
This worksheet is designed to help you determine the best way for you and your family to take advantage of the tax savings allowed by the IRS. You must decide to take advantage of the Dependent Day Care (FSA-Day Care) Spending Account through your employer or take the Federal Tax Credit when you file your income tax return at the end of the year. Both will help you save tax dollars on the money you spend for eligible dependent day care expenses. Generally, if your household income is greater than $26,000.00 per year, pre-taxing dependent day care benefits through the employer-sponsored plan will save you more money.