Prometheus (Greek: Î ÏÎ¿Î¼Î·Î¸ÎµÏÏ) is a Titan, culture hero, and trickster figure who in Greek mythology is credited with the creation of man from clay and the theft of fire for human use, an act that enabled progress and civilization. He is known for his intelligence, and as a champion of mankind.[1]
No. If you use your health care flexible spending account to pay for eligible expenses, you cannot deduct those same expenses from your federal income tax return. Keep in mind that by IRS law, you are only allowed to deduct medical expenses that exceed 10% of your gross income. The advantage of the health care flexible spending account is that you can get a tax benefit on health expenses below that threshold.
The money reimbursed through a Dependent Care Flexible Spending Account will reduce the amount of eligible expenses you can use for the tax credit on a dollar-for-dollar basis. Tax savings with a Dependent Care Flexible Spending Account become more valuable as your income increases. Generally, if your family's adjusted gross income is less than $39,000 a year, it's best for you to take the tax credit rather than participating in the DCA.