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With your dependent care flexible spending account
Save money while taking care of your loved ones
A dependent care flexible spending account (FSA) lets you contribute a portion of your paycheck — before taxes are taken out — to pay for certain dependent care. You decide how much money you want to put into your account for the year. You can then use that money to pay for care for your child, disabled spouse, elderly parents or other dependents.
What are the benefits of a dependent care FSA?
Lower your taxes
Contributions to the account are deducted from your paycheck before taxes, reducing your taxable income.
Equal deductions
Money is deducted from your paycheck in equal amounts throughout the year, so you don’t get hit all at once.
Want to learn more?
This video breaks down the basics of how a dependent care FSA works.
What expenses are qualified?
You can save money on many of the dependent care services you might already be paying for.
Qualifying dependents
You can use your dependent care FSA to pay for care for:*
Children under age 13 that you claim as dependents.
Adults or other relatives who are incapable of caring for themselves (if you provide more than half of their financial support for the year).
Qualified care
Dependent care expenses qualify if the care makes it possible for you (or you and your spouse) to work, look for work or go to school full-time. Services may be provided at a child or adult care center, nursery, preschool, after-school, summer day camp, or by a nanny in your home. If your spouse is a stay-at-home parent, you shouldn’t enroll in a dependent care FSA.
* Check with your tax professional for more information on individuals that may qualify as dependents for the FSA.
How can I contribute to my dependent care FSA?
You decide during open enrollment how much money you want to contribute to your account. Your employer will deduct this amount from your paycheck throughout the year. The IRS limits annual contributions to $5,000 on income tax returns for a single person or a married couple filing jointly, and $2,500 for a married couple filing separately.
Typically, you can’t change the amount you contribute to your account mid-year. However, if you experience a life change, such as getting married or divorced or having a baby, you may be able to adjust your contribution.
How do I use my dependent care FSA funds?
Debit card
You’re able to pay directly from your account using a benefits debit card, if available. It can be used anywhere debit cards are accepted.
Online bill pay
You can also use online bill payment to pay for expenses.
Reimbursement
If you pay for qualified expenses out-of-pocket, you’ll need to submit a claim for reimbursement.
Don’t forget to save your receipts!
You might need to verify expenses.