Questions tagged [child-care]

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Dependent Care FSA prepayment in the same year?

My child's care is $1,900 a month. If I sign up for a Dependent Care FSA, I'm told that the funds are immediately available for use in the coverage year. Can you pay on January 1 2024, the full $5,000 ...
Evan Carroll's user avatar
1 vote
0 answers
101 views

Counter-intuitive distribution of Child-Care Assistance in New Mexico, USA: Would my family be better off earning less?

My understanding of how NM's child-care assistance program works is that my family would be financially better off if our income were lower. I'm hoping someone can explain why I'm wrong. Eligibility ...
Peter Davenport's user avatar
0 votes
1 answer
48 views

What is sufficient evidence for Dependent Care Account reimbursement?

I'm attempting to submit a claim for my Dependent Care Account. The expenses are the salary for my infant daughter's nanny. I uploaded the pay stubs I got from the payroll company I use. However, ...
Daniel Walker's user avatar
7 votes
1 answer
117 views

Is there any program American can take advantage of to help offset childcare costs during Covid-19?

Due to Covid-19, my son's schools have been shut down for most of the year. Though my workplace allows parents to bring their children to work, he is special needs/has a disability, so requires much ...
Village's user avatar
  • 2,813
1 vote
1 answer
89 views

Dependent Care FSA Payment - Bill Before End of Plan, Due Date After Plan Year Ends

My Dependent Care FSA plan year ends on 3/31/21. The plan says the last day to incur expenses is 3/31/21 and the last day to submit requests is 6/30/21. If I get a bill sent to me before 3/31/21 with ...
thecoolmacdude's user avatar
9 votes
1 answer
448 views

How much does it cost to raise a child for the average American family?

A few people have asked how much money they should plan to put aside in order to raise a child given their specific financial situations, but I can't find any information here on average childrearing ...
Brian's user avatar
  • 365
5 votes
0 answers
73 views

Is preschool closure (due to the pandemic) a qualifying event for Dependent Care FSA?

I'm trying to figure out of closure of my daughter's preschool meets the qualifying event criteria so that I can reduce my dependent care FSA contributions. I've read a few places online that change ...
jwmn's user avatar
  • 233
0 votes
0 answers
210 views

Any tricks/hacks for exorbitant daycare costs?

The $5000 FSA limit is a joke given the daycare costs in our area. Is there any way to use more pre-tax money to pay for daycare ? Daycare is by far our biggest expense for the year. Any advice to ...
Bax's user avatar
  • 171
3 votes
1 answer
202 views

US taxes small mistake that doesn’t change tax or refund

Last week I filed my tax return. For the child care credit, I wrote I spent X dollars. I redid the calculations, and turns out I spent X+6 dollars. This obviously can’t make me owe more taxes and ...
David's user avatar
  • 33
21 votes
6 answers
6k views

Affording Daycare for first child

My wife and I are expecting our first child later this year and I have been budgeting to see what we can afford for child care. It looks like the average cost of childcare is ~$1000-$1200/month. This ...
HoldMeImScared's user avatar
2 votes
1 answer
3k views

Does year of payment matter for Dependent Care FSA?

I have a Dependent Care FSA at work, and have exhausted the funds for this year during the first half of the year (as I typically do). I will be eligible to use it for one more year, as my youngest ...
Joe's user avatar
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2 votes
0 answers
136 views

Claiming FSA money for a nanny share?

We are two families (A & B) going for a nanny share (1 child each). A will be the principal employer where her paystubs come from (children will always stay at A's house, A has the insurance and ...
magu_'s user avatar
  • 163
5 votes
1 answer
94 views

How much will I benefit if I get receipts for child care? (Canada)

I am returning to work soon and will pay approx $13,000/year for care for my little one. I would appreciate feedback as to whether I am understanding the value of claiming child care on taxes... I ...
NL Missus's user avatar
7 votes
1 answer
128 views

In a 2 income family, is it more tax beneficial for the lower income spouse be the Primary Caregiver (Ontario)?

My wife and I just had a new daughter. My wife applied for the 4 in 1 newborn package and she was designated as the primary caregiver and applied for the child care benefits. Since she makes more ...
linstar's user avatar
  • 231
1 vote
1 answer
216 views

child care expenses not taken into consideration by my tax consultant

I am paying huge amount of money for last 3 years for my children's daycare. I see here that i can claim the expenses incurred for child care so i and my spouse can work. I checked all the 10 clauses ...
user979189's user avatar
3 votes
0 answers
1k views

What will happen if you filed your taxes with two different locations? How can it be solved?

I was living in Winnipeg, Manitoba and I had done my taxes online with H&R Canada Online. H&R Canada provided me with some papers to print out and then it was settled, I moved to Sudbury, ...
Shallana's user avatar
2 votes
0 answers
1k views

Dependent care FSA: Paying a grandparent for providing childcare?

I have a dependent care FSA account that I set up. Both my wife and I are employed. I would like to use this money to pay for my child's care at home by his grandmother. I already know that I can ...
Bernandilo's user avatar
4 votes
1 answer
749 views

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
user28863's user avatar
4 votes
2 answers
1k views

Should my mother be an Independent Contractor or my Employee (for tax purposes) as she provides babysitting services to my young children?

My 65-year old mother lives with us in Florida, and she takes care of our two young children while my husband and I are at work. My husband and I pay my mother about $6,000 a year in cash, and we use ...
Mommy Lorraine FL's user avatar
1 vote
0 answers
163 views

Tax implications of using FSA funds during grace period

I have a dependent care FSA through work. In 2014, I did not use all of the funds, but I have until March 15, 2015 to do so. I will also have an FSA for 2015. While I do my taxes through ...
cslstr's user avatar
  • 111
2 votes
1 answer
10k views

Dependent care FSA and child care provider Social Security Number

We signed up for a full dependent care FSA ($5000) through my wife's employer at the end of last year knowing we'd need child care this year in some form. This year we've found a local older woman ...
Miro's user avatar
  • 381
2 votes
1 answer
471 views

Can I claim the child care tax credit in addition to using a dependent care FSA?

Dependent care FSA is capped at $5000 annually and I use this entirely. The annual child care credit is $3000. If my expenses are over $8000, can I utilize both of these in the same calendar year?
Matthew's user avatar
  • 3,150
3 votes
2 answers
235 views

Nanny taxes and payroll service

We are employing a nanny for our 6 month old. What service do you recommend for managing taxes and payroll? Is it possible to do on our own? If so, where do we start?
user avatar
7 votes
4 answers
681 views

Day care tax deduction

In the US, are day-care expenses tax deductible? And if so under what conditions? For example, if one parent is working, but the other is still going to (graduate) school, is any kind of deduction ...
user avatar
6 votes
1 answer
1k views

Dependent Care Flexible Spending Account (DCFSA) over-contribution rules

During these days we have an enrollment period for 2014 benefits at my workplace. After this window, no changes will be allowed to my contributions selections. One of the benefits is a DCFSA. One ...
ysap's user avatar
  • 307
2 votes
1 answer
772 views

Taxes and childcare expenses deduction for a dual-income couple in Alberta?

We live in Alberta and need to know if we should obtain a receipt for childcare. We paid $2400 last year. My common law husband made $49000 last year and I made $28500. Is this worth it? Will our ...
tracy's user avatar
  • 21
0 votes
1 answer
439 views

Can I claim child care expenses as a deduction on my federal return in Quebec?

My friend want to claim Child Care expense for Federal Tax, but as she lived in Quebec, a large part of her children's day care fees are already returned by Quebec government. So could she still ...
user avatar
4 votes
1 answer
377 views

Can you claim child care expenses on your tax return in the UK?

Can you claim child care expenses on your tax return in the UK?
user avatar
1 vote
1 answer
6k views

Child care expenses: How much deduction can be claimed on tax return? [Canada]

How much deduction can be claimed for child care expenses on a Canadian income tax return, for 2009? Does it vary by province? Are receipts required to claim a child care expenses deduction?
7 votes
2 answers
2k views

In Canada how much are child care receipts worth for income tax?

How much can my family expect to save on taxes if we ask our sitter for a receipt for last year? Our kids are 6 and 10 and we paid about $2300 last year for occasional child care. My husband and I ...
user avatar
5 votes
1 answer
485 views

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed?

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed? [Note: This is my paraphrased version of a similar question I answered at moms4mom.com....
Chris W. Rea's user avatar
  • 31.7k