benefits
Dependent Care FSA
As much as we love ’em, kids are expensive, especially when it comes to childcare. A Dependent Care Flexible Spending Account (DCRA) boosts your budget by helping you pay for eligible dependent care expenses. Your pre-tax DCRA contributions cover baby sitters, summer day camps and more. Plus, they reduce your taxable income.
How it Works
Set aside up to $5,000 for the calendar year for which you are enrolling. Your pretax paycheck deductions can be used to cover eligible childcare or adult dependent care expenses. As you incur expenses, you pay out of pocket and submit claims for reimbursement. Be sure to keep your receipts in case you need to document your reimbursement request.
Keep in mind, Dependent Care Flexible Spending Accounts are use it or lose it. If you do not incur enough expenses, you’ll lose any unused balance after December 31, and you can’t change your contribution amount midyear (unless you experience a qualified life event like starting daycare for your child).
Eligible Expenses
Expenses can be used for children through age 12 and any other person, of any age, who is incapable of caring for themself and can be claimed as a dependent on your federal tax return.
Typical expenses include:
- Daycare centers
- Summer camp
- Nannies
- Preschool tuition
- Sitters
For detailed eligibility criteria and a comprehensive list of qualified expenses, review IRS Publication 503, Child and Dependent Care Expenses.
Receipts must include the caregiver or company’s Federal Tax ID number or SSN.
A smarter, simpler, more convenient way to take charge of your Dependent Care Reimbursement Account.
Did you know...
Your entire annual Dependent Care Reimbursement Fund election is available for use starting on the first day of the plan year.
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Access your Dependent care fund balance, submit for reimbursement, view claims history and more.
Money Saving Tips
Review Tax Credits – Check if you’re eligible for the Child and Dependent Care Tax Credit and determine whether using the DCRA or claiming the tax credit is more beneficial for your situation.
Compare Costs – Shop around for dependent care providers to find the best rates and ensure they meet eligibility requirements for reimbursement. Kinside can be a helpful tool for comparing child care provider costs.
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