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If you pay for day care, pre-school or after school care or day camp
for a child under the age of 13, or you pay for day care for a disabled
child over the age of 13, a disabled parent or spouse who you claim as
a dependent, the Day Care FSA may be right for you.
It is important for you to note that when you use a Day Care FSA
to pay for child care expenses, you cannot claim these same expenses as
a tax credit for Federal Tax purposes since your deductions are taken on
a pre-tax basis.
Your calculation for the amount you set aside
into the Day Care FSA, should be based specifically on the amount you currently
pay for the day care of an eligible dependent as defined above as well as
within the parameters established by the IRS.
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