Page 13 - Thompson Coburn 2021 Annual Benefits Enrollment
P. 13
2021
Enrollment Guide
DEPENDENT CARE FLEXIBLE SPENDING
ACCOUNT (FSA)
A dependent care lexible spending account (FSA) Eligible expenses include payments to day care
provides you with the ability to save money on a pre- centers, preschool costs (up to, but not including,
tax basis for day care expenses for your child, disabled irst grade), after school care, and elderly care. The
parent, or spouse. A participant is only eligible to have cost of babysitting in your home or someone else is
a dependent care account if he or she pays dependent permitted—as long as the person providing the care is
care expenses in order to be able to work. If married, not one of your own children under age 19 or anyone
the participant’s spouse must also work, go to school else for whom you claim a tax exemption on your
full time, or be incapable of self-care. Generally, federal income tax return. You must provide the social
expenses will qualify for reimbursement if they are the security or tax ID number of the care provider to be
result of care for: reimbursed from your dependent care FSA.
Your children, under the age of 13, for whom You may deposit up to $5,000 on a pre-tax basis
you are entitled to a personal exemption on your ($2,500 if you are married and ile taxes separately)
federal income tax return into your dependent care FSA. Pre-tax contributions
A person of any age whom you claim as a are withheld from each paycheck. A $10 minimum
dependent on your federal income tax return and per pay period is required for participation in the
who is mentally or physically incapable of caring dependent care FSA.
for himself or herself
A participant in a dependent care FSA will not Plan Carefully for Your FSA
be able to submit for reimbursement of any IRS rules stipulate that you cannot roll over unspent
expenses incurred during a leave of absence amounts from one year to the next. Therefore, any
remaining funds in your account that are not spent
by the end of the calendar year will be forfeited. This
is known as the “use it or lose it” rule. Keep it in
mind, take a little time to plan, and do not contribute
more in your account than you are willing to spend.
Expenses may be incurred through December 31,
2021. Claims may be submitted for reimbursement
through March 31, 2022.
13
Enrollment Guide
DEPENDENT CARE FLEXIBLE SPENDING
ACCOUNT (FSA)
A dependent care lexible spending account (FSA) Eligible expenses include payments to day care
provides you with the ability to save money on a pre- centers, preschool costs (up to, but not including,
tax basis for day care expenses for your child, disabled irst grade), after school care, and elderly care. The
parent, or spouse. A participant is only eligible to have cost of babysitting in your home or someone else is
a dependent care account if he or she pays dependent permitted—as long as the person providing the care is
care expenses in order to be able to work. If married, not one of your own children under age 19 or anyone
the participant’s spouse must also work, go to school else for whom you claim a tax exemption on your
full time, or be incapable of self-care. Generally, federal income tax return. You must provide the social
expenses will qualify for reimbursement if they are the security or tax ID number of the care provider to be
result of care for: reimbursed from your dependent care FSA.
Your children, under the age of 13, for whom You may deposit up to $5,000 on a pre-tax basis
you are entitled to a personal exemption on your ($2,500 if you are married and ile taxes separately)
federal income tax return into your dependent care FSA. Pre-tax contributions
A person of any age whom you claim as a are withheld from each paycheck. A $10 minimum
dependent on your federal income tax return and per pay period is required for participation in the
who is mentally or physically incapable of caring dependent care FSA.
for himself or herself
A participant in a dependent care FSA will not Plan Carefully for Your FSA
be able to submit for reimbursement of any IRS rules stipulate that you cannot roll over unspent
expenses incurred during a leave of absence amounts from one year to the next. Therefore, any
remaining funds in your account that are not spent
by the end of the calendar year will be forfeited. This
is known as the “use it or lose it” rule. Keep it in
mind, take a little time to plan, and do not contribute
more in your account than you are willing to spend.
Expenses may be incurred through December 31,
2021. Claims may be submitted for reimbursement
through March 31, 2022.
13
