New York State's Flexible Spending Accounts - DCAA 2002 Tax Savings Calculator

Flex Spending Account, A State employee benefit that puts money in your pocket

DCAA 2002 Tax Savings Calculator

Use this form to calculate your potential tax savings by enrolling in a DCAA account in 2002, as compared to the Federal dependent care tax credit. You will need your 2000 Federal and State Tax returns to use this form.

Note: All items are required to perform this tax savings comparison



1. Choose your place of residence:


2. Enter Your Expected 2002 Qualifying Expenses¹: The Federal tax credit can be used up to $2,400 for the care of one dependent and up to $4,800 for two or more dependents. The DCAAccount and the credit can be combined, but the total cannot exceed $2,400 for one dependent ($4,800 for two or more dependents) minus any employer contribution. Or, you can use just the DCAAccount for up to $5,000 minus any employer contribution, regardless of the number of dependents you claim.


3. Choose your bargaining unit:


4. Choose your tax filing status:


5. Enter Your State Salary & Wages as of January 1, 2002:


6. Enter Your Federal Adjusted Gross Income (FAGI) from Your 2000 Federal Tax Return (From 2000 Form 1040, Line 33; 1040A, Line 19; 1040EZ, Line 4)² or Estimated 2002 FAGI:


7. Enter Your New York Adjusted Gross Income (NYAGI) from Your 2000 New York State Tax Return (From 2000 Form IT-201, Line 30; IT-200, Line 11)² or Estimated 2002 NYAGI:


8. Enter Your Federal Taxable Income (FTI) from Your 2000 Federal Tax Return (From 2000 Form 1040, Line 39; 1040A, Line 25)² or Estimated 2002 FTI:


9. Enter Your New York Taxable Income (NYTI) from Your 2000 Year New York State Tax Return (From 2000 Form IT-201, Line 35; IT-200, Line 18)² or Estimated 2002 NYTI:

Calculate Tax Savings Clear Form

¹Tax benefits are calculated herein using the amount of qualifying expenses minus the New York State contribution.
²If you participated in the DCAA program during the tax year from which these data are taken, be sure to increase this amount by any excluded amount.

Links

Federal - Internal Revenue Service (www.irs.gov)

Publication 503 Child and Dependent Care Expenses;
Form 2441 Child and Dependent Care Expenses (attached to Form 1040); or Form 1040A Schedule 2 Child and Dependent Care Expenses for form 1040A Filers.

New York State - New York State Department of Taxation & Finance (www.tax.state.ny.us)

Form IT-216 Claim for Child and Dependent Care Credit; and
Instructions for Form IT-216 Claim for Credit for Child and Dependent Care Credit.

Accuracy Statement

The information contained here in does not constitute tax advice. Amounts shown are maximum benefits. Actual benefits may vary depending on the taxpayers particular situation. Estimates are based on income and expense data provided by the applicant and Tax Laws in effect as of July 1, 2001. For a more accurate information on your specific situation, please consult your tax advisor.

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This Page Last Updated: Friday, August 24, 2001 at 2:32:00 PM