Page 15 - CHI 2022 Benefits Guide
P. 15
2022
Benefits Guide
Dependent Care FSA Before You Enroll in an FSA
You may also contribute up to $5,000 ($2,500 if FSAs ofer valuable tax advantages, but it is
married and ile taxes separately) to a dependent important to understand the IRS restrictions placed
care FSA to pay for eligible childcare and eldercare on these plans:
expenses. Examples of eligible expenses include z
payments to nursery schools, daycare centers, before Use it or lose it—any unused funds in
and after school care, and daycare expenses for your account will be forfeited; only eligible
dependent parents who spend at least 8 hours per expenses incurred from January 1, 2022
day in your home. through December 31, 2022 are eligible
for reimbursement. You will have until
Dependent Care Account Maximum Per Year March 31, 2023 to submit eligible expenses for
z Employee pre-tax dollars allocated reimbursement for 2022
for any Internal Revenue Code z No changes—you cannot change your FSA
allowable dependent care
expenses; allowable dependents election(s) during 2022 unless you have a
must be under the age of 13 $5,000 married qualiied status change
(spouses and parents may also be iling joint federal
included in some circumstances) income tax return z Active participants only—only expenses
and claimed as a dependent on $2,500 single of
your tax iling married iling incurred while you are participating in the plan
z Funds must be used within the separate federal can be submitted for reimbursement
plan year, or they will be forfeited income tax z
z All claims must be submitted no No double-dipping—any expenses reimbursed
later than 90 days following the through your account cannot be taken as a
end of the plan year tax deduction or tax credit on your income tax
return
z Professional providers only—all providers of
dependent care services must provide you with
their Social Security Number or Taxpayer ID
number
Save Your Receipts!
You need to save receipts and explanation of beneits (EOB) statements for all FSA transactions.
The IRS requires that all healthcare FSA transactions be validated as eligible healthcare expenses.
Nothing herein constitutes tax advice.
15
Benefits Guide
Dependent Care FSA Before You Enroll in an FSA
You may also contribute up to $5,000 ($2,500 if FSAs ofer valuable tax advantages, but it is
married and ile taxes separately) to a dependent important to understand the IRS restrictions placed
care FSA to pay for eligible childcare and eldercare on these plans:
expenses. Examples of eligible expenses include z
payments to nursery schools, daycare centers, before Use it or lose it—any unused funds in
and after school care, and daycare expenses for your account will be forfeited; only eligible
dependent parents who spend at least 8 hours per expenses incurred from January 1, 2022
day in your home. through December 31, 2022 are eligible
for reimbursement. You will have until
Dependent Care Account Maximum Per Year March 31, 2023 to submit eligible expenses for
z Employee pre-tax dollars allocated reimbursement for 2022
for any Internal Revenue Code z No changes—you cannot change your FSA
allowable dependent care
expenses; allowable dependents election(s) during 2022 unless you have a
must be under the age of 13 $5,000 married qualiied status change
(spouses and parents may also be iling joint federal
included in some circumstances) income tax return z Active participants only—only expenses
and claimed as a dependent on $2,500 single of
your tax iling married iling incurred while you are participating in the plan
z Funds must be used within the separate federal can be submitted for reimbursement
plan year, or they will be forfeited income tax z
z All claims must be submitted no No double-dipping—any expenses reimbursed
later than 90 days following the through your account cannot be taken as a
end of the plan year tax deduction or tax credit on your income tax
return
z Professional providers only—all providers of
dependent care services must provide you with
their Social Security Number or Taxpayer ID
number
Save Your Receipts!
You need to save receipts and explanation of beneits (EOB) statements for all FSA transactions.
The IRS requires that all healthcare FSA transactions be validated as eligible healthcare expenses.
Nothing herein constitutes tax advice.
15
