Page 36 - SIH 2022 Re-Enrollment Guide
P. 36
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT
(FSA)
The Dependent Care Flexible Spending Account Dependent Care FSA vs.
(FSA) is a type of savings and spending, lexible Dependent Care Tax Credit
spending account that allows you to reimburse Think about what its your situation best—the
yourself with pretax dollars for eligible expenses you lexible spending account or the dependent care tax
pay to take care of a qualiied dependent.
credit provided by federal law. Keep in mind that
You can use the Dependent Care FSA for the care of you cannot take the tax credit for any amounts that
qualiied dependents so that you (and your spouse are reimbursed through the dependent care FSA. In
if you are married) can work. Qualifying dependents some cases, the tax credit may provide more savings
include: than an FSA.
X Children under age 13 you claim as dependents Dependent Care FSA Dependent Care Tax Credit
on your tax return You wait until iling your tax
X Anyone age 13 or older who lives with you at You decide in advance how return to determine your
much to set aside for the
dependent care costs and decide
least eight hours a day and needs supervised coming year whether you can take advantage
care, such as an elderly parent or a child or of the tax credit
spouse with a disability
You cannot use this account for healthcare
Expenses must be required so you and your spouse expenses!
can work, or so you can work full-time if your spouse
is a full-time student or disabled. Allegiance, the administrator, provides convenient
ways for you to access your account.
You can set aside $60 to $5,000 each plan year to
cover eligible expenses during the calendar year. X Debit card: you can use a debit card to pay for
Your contributions come out of your pre-tax pay in eligible dependent care expenses directly from
equal installments each pay period. The amount you your account
can set aside may be diferent based on your tax X Direct deposit: claims processed within ive
status. business days of receipt
X Online viewing: check the balance of your
For the Plan Year, You Can Set
Based on Your Tax Status...
Aside... account, view transactions and claims, and
If single or married iling Up to $5,000 see what qualiies as an eligible expense for
jointly reimbursement
If married iling jointly and Up to $5,000 in total X
your spouse’s employer ofers between the two accounts If you are currently enrolled in the FSA and
a dependent care account make a new election for 2022, you will continue
If married iling separate Up to $2,500 use the same card; new cards will be issued as
returns the card expires every three years
36
(FSA)
The Dependent Care Flexible Spending Account Dependent Care FSA vs.
(FSA) is a type of savings and spending, lexible Dependent Care Tax Credit
spending account that allows you to reimburse Think about what its your situation best—the
yourself with pretax dollars for eligible expenses you lexible spending account or the dependent care tax
pay to take care of a qualiied dependent.
credit provided by federal law. Keep in mind that
You can use the Dependent Care FSA for the care of you cannot take the tax credit for any amounts that
qualiied dependents so that you (and your spouse are reimbursed through the dependent care FSA. In
if you are married) can work. Qualifying dependents some cases, the tax credit may provide more savings
include: than an FSA.
X Children under age 13 you claim as dependents Dependent Care FSA Dependent Care Tax Credit
on your tax return You wait until iling your tax
X Anyone age 13 or older who lives with you at You decide in advance how return to determine your
much to set aside for the
dependent care costs and decide
least eight hours a day and needs supervised coming year whether you can take advantage
care, such as an elderly parent or a child or of the tax credit
spouse with a disability
You cannot use this account for healthcare
Expenses must be required so you and your spouse expenses!
can work, or so you can work full-time if your spouse
is a full-time student or disabled. Allegiance, the administrator, provides convenient
ways for you to access your account.
You can set aside $60 to $5,000 each plan year to
cover eligible expenses during the calendar year. X Debit card: you can use a debit card to pay for
Your contributions come out of your pre-tax pay in eligible dependent care expenses directly from
equal installments each pay period. The amount you your account
can set aside may be diferent based on your tax X Direct deposit: claims processed within ive
status. business days of receipt
X Online viewing: check the balance of your
For the Plan Year, You Can Set
Based on Your Tax Status...
Aside... account, view transactions and claims, and
If single or married iling Up to $5,000 see what qualiies as an eligible expense for
jointly reimbursement
If married iling jointly and Up to $5,000 in total X
your spouse’s employer ofers between the two accounts If you are currently enrolled in the FSA and
a dependent care account make a new election for 2022, you will continue
If married iling separate Up to $2,500 use the same card; new cards will be issued as
returns the card expires every three years
36
