Oklahoma Nesties
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.

Taxes/daycare ?

Will we receive a statement from G's daycare for taxes? Or do we just need to take our receipts/cancelled checks to our CPA?
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Re: Taxes/daycare ?

  • You should get a statement.

    Are you pursuing the $600 tax credit or did you use a DCSA? 

  • image WendyToo:

    You should get a statement.

    Are you pursuing the $600 tax credit or did you use a DCSA? 

    Okay, thanks :) We're pursuing whatever credit we can get haha. We talked to our CPA about this stuff last year when we did our taxes but I can't remember exactly what she said--I'm assuming a DCSA is an account? We didn't do that.
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  • Yes, DCSA is a Dependent Care Savings Account.  I think for most people this will offer a greater tax advantage than the $600 credit, because it allows you to put money in pre-tax to pay for child care expenses.  

    It lowers your taxable income by up to $5,000 per year (that's the max that I can put into my DCSA and I assume most plans have a similar limit), so you can decide if it's worthwhile by calculating the amount of tax you would have to pay on that 5k.

    The disadvantage is that you feed money into this account from each paycheck and also pay daycare directly. After the period of performance for a particular tuition payment has passed, then you can submit a claim for reimbursement from your DCSA.

    It's added paperwork and some more upfront money, but will save me more than I got from the child care credit.  

  • We'll have to look into that. Thanks for the info, Wendy!
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