Sorry -- got off the grid as much as possible for a couple of days.
Upon reflection, you're correct. I thought that we itemized the amount over the $5k FSA contribution because we gave the records to our accountant, but he used them to see if we qualified for the credit, which we don't really qualify for much of anything with it. If I'm looking at things correctly over what we do actually itemize, the increase with the standard deduction should work in our favor pretty well. But, in all honesty, what I think would work more in my favor would be my employer taking their tax cut and using some of it to start catching up stagnant wages from the last several years (a boy can dream). Thanks for the catch and clarification. I'm obviously not a tax guy!
Upon reflection, you're correct. I thought that we itemized the amount over the $5k FSA contribution because we gave the records to our accountant, but he used them to see if we qualified for the credit, which we don't really qualify for much of anything with it. If I'm looking at things correctly over what we do actually itemize, the increase with the standard deduction should work in our favor pretty well. But, in all honesty, what I think would work more in my favor would be my employer taking their tax cut and using some of it to start catching up stagnant wages from the last several years (a boy can dream). Thanks for the catch and clarification. I'm obviously not a tax guy!
H2Owings wrote:
Where are you itemizing daycare expenses at on your schedule A? We contribute the max of 5k to a fsa that is taken out pre tax, itemize in our return and have our taxes ‘professionally’ done and I don’t believe have ever been able to deduct anything above that 5k fsa pre tax and our daycare expenses are much above that.
Last edited by:
MidwestRoadie: Jan 16, 18 6:55