Dependent Care FSA
You choose how much to contribute for the year, up to the IRS annual maximum — this is $5,000 (or $2,500 if married and filing separate tax returns). The money comes out of your paycheck before it’s taxed, lowering your tax bill.
Dependent Care FSA Overview
- Contributions are deducted over 21 pay periods with no deductions on the January 9, July 24, and August 9 pay periods.
- You can only change your contribution amount during the year if your personal situation changes.
- Use your account to pay for eligible dependent care expenses such as child day care and nursery schools, preschool programs, and elder care. See a complete list of eligible expenses.
- Log in to WageWorks to request reimbursement for payments you’ve made.
- Your entire annual contribution is available to you from the beginning of the plan year.
- Unused money does not carry over at the end of each year — use it or lose it.