“I have contributed $5000 to Dependent day care FSA account. My employer makes deductions every pay check.”------>In general, you may be allowed to set aside up to $5,000 in pretax money for the year in a flexible spending account for dependent-care expenses. Or you could claim those expenses for the dependent-care credit when you file your 2012 tax return. But you can't use the same expenses for both tax breaks. Most families who have access to a dependent-care flexible spending account at work would be better off running their child-care expenses through the FSA. Money you set aside in a flexible spending account is not only subtracted from your paycheck before income taxes are calculated, but it also avoids the 5.65% Social Security and Medicare tax.
“But I just discovered that i am not eligible for the tax break since my spouse is not working”-----> To claim the credit (assuming you meet the qualifications) your non-disabled, unemployed spouse must have looked for work during the time the expenses were incurred; and have earned income during the year. (Unemployment income is not considered earned income.).If your unemployed spouse is disabled or a full-time student, the IRS treats her/him as though he/she havs earned income, provided you are not disabled or going to school full time yourself.
.” Can i still claim my sons day care expenses now, and then later pay taxes on the $5000 when i file my 2012 returns?”------>I don’t think so;since you can make contributions to your account with pre-tax money, thereby avoiding having to pay income and payroll withholding taxes on the amount you contribute, I guess you need to increase the amount of federal income tax withheld from your paycheck, file a new Form W-4 with your employer. You're required to fill out this form when you start working for an employer, and you can fill out a new one whenever your circumstances call for a change in the amount of withholding.