The Dependent Care Flexible Spending Account (FSA) lets you set aside pre-tax dollars to pay for child care for a dependent child under age 13 or to care for your spouse or relative who is physically or mentally incapable of taking care of themselves and lives in your home.
This FSA is not used for healthcare expenses. You can use a Dependent Care FSA regardless of whether or not you’re enrolled in a medical plan or what medical plan you’re enrolled in.
Benefit Alert! The Covid relief bill passed in December has allowed Equifax to permit FSA rollovers for this year — if you re-enrolled in an FSA. As usual, you will have until March 31, 2021 to file claims for eligible expenses incurred from January 1, 2020 to December 31, 2020. Any unused 2020 FSA balance remaining as of April 1, 2021 will be added to your FSA balance for 2021. This gives you the rest of the 2021 calendar year to use that money.
You can elect to contribute up to $5,000 annually to your Dependent Care FSA if you are married and filing a joint return or if you are a single parent; $2,500 per year if you are married and filing separately.
You must enroll in the FSA for every year you want to participate.
Dependent Care FSA funds are available only as they are deposited in your account.
After paying for an eligible expense, you can submit an expense claim form to be reimbursed from your account.