Tax Question - 2 Children - FSA AND Child Care Credit??

[guppy]

I have a dependent flexible savings account through work. I'm allowed a total of 5,000. If I am able to cover childcare expenses for 1 child with that 5,000 dollars am I then allowed to put in for the child care credit for the other child when tax time rolls around?

I'm currently pregnant with my 2nd child so I'm trying to hash everything out before baby comes. Thanks in advance!

[Firstofmanysteps]

Per IRS Topic 602 - Child and Dependent Care Credit

The total expenses that may be used to calculate the credit are capped at $3,000 (for one qualifying individual) or at $6,000 (for two or more qualifying individuals). The dollar limits may differ depending on the tax year in question. The expenses qualifying for the computation of the credit must be reduced by the amount of any dependent care benefits provided by your employer that you exclude from gross income. In general, you can exclude up to $5,000 for dependent care benefits received from your employer. Also, generally, the expenses claimed may not exceed the lesser of your earned income or your spouse’s earned income. A special rule applies if your spouse is a full-time student or incapable of self-care.

So if you max out for dependent care FSA, you can only claim an additional $1,000 at most.