Tax Advantage Accounts
Dependent Care Flexible Spending Account
Maximum Contribution to your Dependent Care FSA
You may contribute up to $5,000 a year to this account. If you are married and file income taxes separately, your contributions to the Dependent Care Account are limited to $2,500 annually. In addition, the most you can contribute to the dependent care FSA cannot be more than you or your spouse's income. If your spouse is a full-time student or is incapacitated, special income assumptions apply as follows: If you have one dependent, your spouse's income is considered to be $250 per month ($3,000 per year), or $500 per month ($6,000 per year) if you have two or more dependents.
Changing your dependent care FSA contribution amount mid-year can only occur if you experience a qualifying status change. Contact Farm Credit Foundations for more information.