Dependent Care FSA Flexible Spending Account What is a Dependent Care FSA Pretax account that pays for eligible dependent care expenses while you work Preschool or beforeafter school programs ID: 768636
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Dependent Care FSAFlexible Spending Account
What is a Dependent Care FSA?Pre-tax account that pays for eligible dependent care expenses while you work: Preschool or before/after school programsSummer day campElder day careSmart, simple way to save money while taking care of loved ones so you can work
Why You Need ItSave an average of 30% on the dependent care you need Reduce your overall tax burden since funds are withdrawn from your paycheck before taxes are deducted Take advantage of several convenient, no-hassle payment and reimbursement options
How It WorksDetermine how much to contribute Estimate how much you’ll needElect how much to contributeFunds are taken from your paycheck before taxes Start saving up to hundreds of dollars in one year Savings result from lower overall taxes
How You Use ItPay My ProviderDirectly pay your provider instantly, directly, and online Pay Me BackGet reimbursed quickly for payments you make
Who Qualifies? Qualifying dependents include:Dependent child * under the age of 13 who lives with you for more than half of the year; orA spouse or other tax dependent who resides in the house a minimum of eight hours a day and requires assistance with day-to-day living. *In the case of divorce, IRS guidelines state that a child is a qualified dependent of the "custodial parent."
How You Manage It Use WageWorks EZ Receipts ® File a claim and get reimbursed quickly View transactions and benefit account balances using a single login Skip the receipt and have your provider sign receipts using your mobile device Receive confirmation emails when claims are received, processed, or paid Receive text messages when card verification is required, a transaction is denied , or a claim has been processed Or online at WageWorks.com
How Much You Can ContributeMaximum of $5,000IRS sets the contributions guidelines Changes to your election amount can be made only if there is a: Change in legal marital statusChange in number of dependents due to birth, adoption, or deathChange in employment status Change in cost or coverage charges
Eligible Expenses Use your Dependent Care FSA to pay for: Before/after school care Au pair services Extended day programs Preschool/nursery school Summer day camp Elder day care Ineligible expenses include: Overnight camps Kindergarten or higher-grade tuition Non-work-related day care Long-term elder care servicesSee www.wageworks.com/mydcfsa for more information on eligible expenses
Why Enroll?Tax savingsWide range of covered expenses Easy accessFlexible options
How You Get ItEnroll online or by phone:Follow [Employer Name’s] instructionsVisit [Insert employer’s benefits url]Or call [Insert employer enrollment phone #]
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