Page 14 - Thompson Coburn 2022 Beneftits Summary
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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 centers, preschool costs (up to, but not including,
pre-tax basis for day care expenses for your child, irst grade), after school care, and elderly care. The
disabled parent, or spouse. A participant is only cost of babysitting in your home or someone else
eligible to have a dependent care account if he is permitted—as long as the person providing the
or she pays dependent care expenses in order care is not one of your own children under age 19 or
to be able to work. If married, the participant’s anyone else for whom you claim a tax exemption on
spouse must also work, go to school full time, or your federal income tax return. You must provide the
be incapable of self-care. Generally, expenses will social security or tax ID number of the care provider
qualify for reimbursement if they are the result of to be reimbursed from your dependent care FSA.
care for:
You may deposit up to $5,000 on a pre-tax basis
■ Your children, under the age of 13, for whom ($2,500 if you are married and ile taxes separately)
you are entitled to a personal exemption on into your dependent care FSA. Pre-tax contributions
your federal income tax return are withheld from each paycheck. A $10 minimum
■ A person of any age whom you claim as a per pay period is required for participation in the
dependent on your federal income tax return dependent care FSA.
and who is mentally or physically incapable of
caring for himself or herself Plan Carefully for Your FSA
■ A participant in a dependent care FSA will not IRS rules stipulate that you cannot roll over unspent
be able to submit for reimbursement of any amounts from one year to the next. Therefore, any
expenses incurred during a leave of absence 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, 2022. Claims may be submitted for
reimbursement through March 31, 2023.
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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 centers, preschool costs (up to, but not including,
pre-tax basis for day care expenses for your child, irst grade), after school care, and elderly care. The
disabled parent, or spouse. A participant is only cost of babysitting in your home or someone else
eligible to have a dependent care account if he is permitted—as long as the person providing the
or she pays dependent care expenses in order care is not one of your own children under age 19 or
to be able to work. If married, the participant’s anyone else for whom you claim a tax exemption on
spouse must also work, go to school full time, or your federal income tax return. You must provide the
be incapable of self-care. Generally, expenses will social security or tax ID number of the care provider
qualify for reimbursement if they are the result of to be reimbursed from your dependent care FSA.
care for:
You may deposit up to $5,000 on a pre-tax basis
■ Your children, under the age of 13, for whom ($2,500 if you are married and ile taxes separately)
you are entitled to a personal exemption on into your dependent care FSA. Pre-tax contributions
your federal income tax return are withheld from each paycheck. A $10 minimum
■ A person of any age whom you claim as a per pay period is required for participation in the
dependent on your federal income tax return dependent care FSA.
and who is mentally or physically incapable of
caring for himself or herself Plan Carefully for Your FSA
■ A participant in a dependent care FSA will not IRS rules stipulate that you cannot roll over unspent
be able to submit for reimbursement of any amounts from one year to the next. Therefore, any
expenses incurred during a leave of absence 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, 2022. Claims may be submitted for
reimbursement through March 31, 2023.
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