Dependent Care FSA

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A dependent care FSA is a pre-tax account benefit offered by your employer used to pay for eligible dependent care services.
In this video we go over the potential tax savings, and how it works.
00:00 - Dependent Care FSA
00:31 - What is a Dependent Care FSA?
00:43 - Eligible dependents for FSA
01:00 - FSA eligible expenses
01:22 - Other important FSA details
03:13 - 2021 FSA Contribution limits
03:28 - FSA Tax Savings Example
EA Tax Resolutions Website: eataxresolutions.com/?...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
#FSA #DependentCare #Tax

Опубликовано:

13 июл 2024

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Комментарии : 15

@EricJGonzalez 2 года назад

Great video! In a scenario where your annual childcare expenses are over $12K (for one child), is it possible to take advantage of both the Dependent Care FSA and Dependent Care Tax Credit?

@YourFavMemory Год назад

not being rude but next time slide over where we can see all the details to your presentation and also slow down a bit when you are explaining the material thanks

@03_slowbra Год назад

So if my max contribution for the year is $5000 and my daycare expenses are $1000 per month; could I essentially reimburse myself $5000 worth on month 5 (May) of the year? Or only what I've contributed to myself up until that point?

@princetonscholar5723 7 дней назад

Rich people are paying for Nannies & Day camps tax free (with pre-tax dollars). Poor people pay for day-care with after-tax dollars.

@KristinaKage 2 года назад

Thanks for the video! When your company offers $5000 max, on this type of FSA, can you contribute any more outside of work? Or is it only what my company decides to offer as a benefit?

@eataxresolutions 2 года назад

You may want to check again with your employer as the $10k limit is new. However you are only allowed to contribute what your employer's plan allows for

@lovelivelife20 Год назад

What if I don’t need it, and want to opt out, my kids aren’t in daycare, grandma babysits them, so money is being taken out of my checks and I’m not able to use it. So it’s pretty much wasted money taken from me.

@ramones580 2 года назад

I know you mentioned this is only available if both parents are working or in school. Can you take advantage of a Dependent Care FSA if your spouse is disabled and on disability?

@eataxresolutions 2 года назад

So long that the below statement applies, yes. www.irs.gov/publications/p503#en_US_2021_publink1000203292 "One spouse is treated as working during any month he or she is a full-time student or isn't physically or mentally able to care for himself or herself."