Tax Advantage Accounts
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You may use a Dependent Care Flexible Spending Account (FSA) to be reimbursed for day care expenses for your dependents so that you and your spouse, if you are married, can work or attend school.
By using the FSA, you can be reimbursed for dependent day care expenses for:
Your dependent children including your biological children, adopted children or stepchildren, up to age 13.
An elderly parent, spouse, or child who is incapable of self care, who spends at least eight hours a day in your home and is dependent on you for support.
Tax advantage accounts have certain tax advantages. Therefore, the IRS regulates all tax advantage accounts. By law, any funds not used for services during the year will be lost. In other words, you need to use the money in your account or you'll lose it. See the
www.irs.gov website for the complete list of qualified expenses, Publication 503.
View your account activity and balance online
Request an electronic check, one time or recurring bill payments, such as orthodontics
Update your contact information
Order additional debit cards(HSA, Limited Purpose, and HealthCare Debit Card option)
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Dependent Care FSA funds are available only when you have these funds in your account. For example: if you submit a claim for $1,000, but have only $300 available in your FSA, you will only be reimbursed $300.
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.
PayFlex’s website for a list of eligible and non-eligible expenses.