Use the search bar to find specific services. Or you can click on the column headers in the table to see which are eligible or not eligible. When you enroll in a dependent care FSA, you set aside money from your paycheck on a pretax basis for eligible child and adult care expenses. Your expenses must be work-related. This means that your dependents need the care so that you can work.
Once your dependent receives the care, you can submit a claim to pay yourself back from your FSA. You can view a list of common eligible expenses on this website. You can also find more information in IRS Publication This is per household per year.
Keep in mind, this amount may be less based on earned income and tax filing status. You can submit a claim at any time during the plan year. However, you can only receive reimbursement after the dates of service. Example: You pre-pay your dependent care provider every Friday for the following week. To receive reimbursement, you must wait until the end of the next week to submit your claim. When you submit a claim, we need the detail for that expense.
You only need to send one of the following with your claim form:. When you have a dependent care FSA, you must include this information as part of your tax return. For more information, see instructions for IRS Form at www. Your employer will also list your contributions on your Form W If you have questions, you should speak with your tax adviser. You should talk to your tax adviser to learn which option is best for you.
You can submit a claim for the full amount. The FSA will reimburse you up to the balance in your account.
Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Child and dependent care is a critical issue and a large expense for many American families. Millions of people rely on child care to be able to work, while others are responsible for older parents or disabled family members.
If you care for a child or adult who is incapable of self-care, who lives in your home for at least eight hours each day, and whom you can claim as a dependent on your income taxes, you may be able to take advantage of dependent care through a flexible spending account FSA. These accounts allow individuals to pay for qualified child and dependent-care expenses while lowering their taxable income.
Dependent-care FSAs are set up through your workplace. Participants authorize their employers to withhold a specified amount from their paychecks each pay period and deposit the money in an account. Instead of using the FSA money to pay for expenses directly, you pay those costs out-of-pocket and then apply for reimbursement. Once you have paid for expenses that qualify for reimbursement from the FSA, you will need to complete a claim form provided by your employer and attach receipts or proof of payment with the form.
The receipts must include specific information to prove that the payment was for qualified expenses. Specifically, the receipt must note:. The main benefit of an FSA is that the money set aside in the account is in pretax dollars, thus reducing the amount of our income subject to taxes. If you and your spouse are divorced, only the parent who has custody of the child ren can use FSA funds for child care.
If you are married, both you and your spouse must work and earn income to qualify for reimbursement unless one spouse is in between jobs and actively looking, or is disabled and unable to work. If not, the money you contribute to the account will be forfeited and you will be billed for the taxes due because you did not pay taxes on the amount in the first place. The website provides in-depth information about what these care-specific FSAs can and cannot fund.
The money in your FSA can only be used for expenses for:. The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel. Hayden is a content marketer for the benefits division of WEX.
Hayden joined WEX in after nearly 15 years in journalism as an editor, writer, and designer. He's focused on providing thought leadership content to help our audiences get the most out of their benefits experience. Learn from experts on a variety of industry topics.
Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. This allows us to see the company through a different lens or perspective than we normally would. It can be easy to get caught up in a routine or a silo at WEX, but NexGen has given me the opportunity to connect with people in other functional areas that I otherwise would have never met.
We are positioned to create a community that sustains and supports us as individuals and leaders, while also helping us to drive positive impact to our business. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences.
Where does it work? Our card works at a variety of merchants. How does it work? If used elsewhere, you may need to upload supporting documentation depending on your benefits plan. What if additional documentation is required?
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