Dependent Care FSA
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.
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.
Unused Dependent Care FSA funds do not roll over from one plan year to the next. Any unused amount over will be forfeited.
You have until December 31 to spend the money in your FSA and until March 31 of the following year to submit your claims.