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DC TAX CREDIT VS DC SPENDING ACCOUNT
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Dependent Care Tax Credit vs. Dependent Care Spending Account
Use the charts below to help determine which option is best for you. Keep in mind that each person's tax situation is unique, therefore you may want to consult you tax advisor before enrollment.
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Single, Head of Household
2 Eligible Dependents $6,000 in Dependent Care expenses
ADJUSTED GROSS INCOME
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*Refers to $5,000 under Cafeteria Plan and $1,000 tax credit
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Single, Head of Household
1 Eligible Dependent $3,000 in Dependent Care expenses
ADJUSTED GROSS INCOME
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Single, Head of Household
1 Eligible Dependent $5,000 in Dependent Care expenses
ADJUSTED GROSS INCOME
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Married, filing Joint
2 Eligible Dependents $6,000 in Dependent Care expenses
ADJUSTED GROSS INCOME
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*Refers to $5,000 under Cafeteria Plan and $1,000 tax credit
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Married, filing Joint
1 Eligible Dependent $5,000 in Dependent Care expenses
ADJUSTED GROSS INCOME
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The above charts are intended for illustrative purposes only and is not intended to constitute legal or accounting advice. The above charts do not substitute for personalized professional tax advice. Each person's tax situation is unique. Prior to enrolling in the Dependent Care Spending Account, each person is encouraged to consult with their personal tax advisor.
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