2024 Dependent Care Flexible Spending Account

You may elect the dependent care FSA even if you do not enroll in a medical plan. You may contribute the maximum amount allowed by the IRS. Participants in an FSA Plan must re-enroll in the plan each year.

The Dependent Care Flexible Spending Account (FSA) allows employees to set aside money on a pre-tax basis to help pay for dependent care expenses that enable you or your spouse to work. If your spouse is not employed, your dependent care expenses are not eligible for reimbursement unless your spouse is a full-time student or is physically or mentally incapable of caring for himself/herself. You may elect the Dependent Care FSA even if you are not enrolled in the Company Medical Plan. TaxSaver is the FSA plan administrator.

* Maximum contributions are reviewed and set by the Internal Revenue Service on a yearly basis.

How it Works

You may choose to contribute up to $5,000 per calendar year, unless you are married and filing a separate return - then you can contribute a maximum of $2,550. The amount you elect is payroll deducted.

Pay for expenses incurred between January 1, 2024 and December 31, 2024 using your Flex Spending Debit card. If a vendor does not accept the debit card, simply complete the claim form and submit it to the address indicated on the form for reimbursement. Keep in mind that funds do not roll over from year to year. If you don't claim 2024 funds by March 31, 2025 you will lose them.

Unlike the Healthcare Flexible Spending Account, you must have enough money available to cover the expense.
FSA funds for 2024 must have incurred dates in 2024 to be eligible.

Eligible Dependent Care FSA Expenses

Before- and after-school programs, licensed day-care center*, nursery school or preschool, summer day camp, transportation to and from eligible care, an adult day-care center, or elder care (in your own home or someone else’s).

*A childcare provider must be a licensed day-care center providing services for six or more children. A family member or friend who keeps children in the home during the day is not eligible. You must have a federal tax ID number for the service provider to claim reimbursements for dependent care.

Eligible Expenses Must be for the Care of:

• A dependent child who is under age 13 and whom you claim as an exemption on your tax return
• A dependent child, elderly parent or relative who is physically or mentally incapable of caring for himself or herself
• You can elect a Dependent Care FSA even if you have declined health care coverage.