Get Fx-4974-012914 Flexsystem Dependent Care Contract

You may be able to claim the credit if you pay someone to care for your dependent who is under age 13 or for your spouse or dependent who isn't able to care for themselves. The credit can be up to 35% of your employment-related expenses.

A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare. It's a smart, simple way to save money while taking care of your loved ones so that you can continue to work.

A dependent care FSA works by letting you set aside pre-tax dollars to pay for eligible dependent care services, such as day care. DC-FSA funds can typically only be used to care for children who are under 13 years old or for adults who live with you and are physically or mentally incapable of caring for themselves.

A Dependent Care Flexible Spending Account (DCFSA) provides significant savings to employees and employers alike. Employees set aside funds on a pretax basis to spend on qualifying dependent care expenses throughout the plan year.

Potential drawbacks of a Dependent Care FSA The funds you contribute don't roll over from plan year to year. If you and your partner's child care plans change, then you may be out that money. Not all employers offer Dependent Care FSA employee assistance program options.

Ineligible expenses include kindergarten tuition, overnight camps and expenses paid to a tax dependent. It's a common misconception that a Dependent Care FSA can be used for medical expenses for your dependents, or for other expenses such as diapers and baby wipes.