You can exclude this benefit from your income, the benefits include:
- Amounts your employer pays directly to either you or your care provider for the care of your qualifying person while you work
- The fair market value of care in a daycare facility provided or sponsored by your employer.
But, the amount is limited to the lesser of :
- Total amount of dependent care benefits you received
- Total amount of qualified expenses you incurred
- Your earned income
- Your spouse’s earned income
- 5,000 (2,500 if married filing separately)
PSQ
Source: http://www.irs.gov
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