Pittsburgh Nesties
billiburrows
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
another childcare FSA question
my understanding was that you can either:
1. put pre tax $ into an FSA for childcare (up to a certain limit) or
2. take the tax write off at tax time
and the two options come out about equal.
is this correct?
Re: another childcare FSA question
Our FSA limit only covers about six months worth of DC, so we write off the other six months per our CPA's advice.
We have other benefits for using FSA for DC, including a small subsidy/refund from my H's company.
And we do the opposite and do the FSA. DH handles since through his work and doesn't seem to mind. He does them at couple month chunks at a time.
Hope that helps.
That's what we do too. My brother's an accountant, and he said that he didn't think the hassle of an FSA was worth it.
This is what we do as well, at the suggestion of our accountant.
Ditto! Except at the suggestion of DH, who thinks he is an accountant. We did enroll in an FSA through his work for our first year of daycare, but he wasn't a fan of submitting the paperwork or having to 'catch up' to the funds.
I would encourage everyone to take a look at your child care tax credit vs. the daycare FSA. Without knowing a lot more about your income, we can only hypothesize here. For MOST people who make above 45K or so, the FSA is usually a better choice since there is no adjusted gross income based phaseout.
If you have more than one child and more than 5K in childcare expenses you can use both. http://www.kiplinger.com/columns/ask/archive/claiming-the-child-care-tax-credit.html
In terms of reimbursement, we wait until we have amassed $5,000 in billing from daycare, submit one set of paperwork for the full 5K. Then they distribute the lump sum of what is in the account at that time, and then distribute the amount withheld from payroll bi-weekly. We only have to do the paperwork once.
We just do everything at the time we file our taxes - I have enough paperwork to fill out throughout the year without having to add FSAs.
We pay for an accountant to do our taxes - best freakin' money we spend all year and he is very honest and finds the most money for us so I have no reason to change habits now!
My three sons!