Page 15 - Future Steps
P. 15
Dependent Care FSA Maximum Contributions
The maximum contribution amounts are the per-household limit set by
the IRS and apply across multiple dependent care FSA accounts and/or
employers.
For a complete listing of eligible expenses, consult IRS Publication 503
via the web at www.irs.gov.
For the dependent care FSA, the maximum contribution each plan year is
either:
$5,000 if you are single and ile an individual tax return, or married
and ile a joint tax return and your spouse does not participate in a
dependent care account
$2,500 if you are married and ile a separate tax return
Commuter Benefits
A commuter beneits plan is a great way to reduce your commuting
expenses by allowing you to set aside pre-tax money for qualiied transit
and parking expenses you incur while getting to and from work.
Transit
Pay for transportation to and from work tax-free. Common eligible
expenses include transportation through train, bus, subway and ferry. Up
to $255 per month can be contributed on a pre-tax basis.
Parking
Pay for parking at or near your regular place of employment tax free. Up
to $255 per month can be contributed on a pre-tax basis.
Participants will have the option of using a debit card with monthly
elections pre-loaded or pay out of pocket and submit for reimbursement.
Parking and transit receipts may or may not be required however it is
recommended you keep your receipts in the event substantiation is
requested.
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The maximum contribution amounts are the per-household limit set by
the IRS and apply across multiple dependent care FSA accounts and/or
employers.
For a complete listing of eligible expenses, consult IRS Publication 503
via the web at www.irs.gov.
For the dependent care FSA, the maximum contribution each plan year is
either:
$5,000 if you are single and ile an individual tax return, or married
and ile a joint tax return and your spouse does not participate in a
dependent care account
$2,500 if you are married and ile a separate tax return
Commuter Benefits
A commuter beneits plan is a great way to reduce your commuting
expenses by allowing you to set aside pre-tax money for qualiied transit
and parking expenses you incur while getting to and from work.
Transit
Pay for transportation to and from work tax-free. Common eligible
expenses include transportation through train, bus, subway and ferry. Up
to $255 per month can be contributed on a pre-tax basis.
Parking
Pay for parking at or near your regular place of employment tax free. Up
to $255 per month can be contributed on a pre-tax basis.
Participants will have the option of using a debit card with monthly
elections pre-loaded or pay out of pocket and submit for reimbursement.
Parking and transit receipts may or may not be required however it is
recommended you keep your receipts in the event substantiation is
requested.
15
