FSA
Flexible Spending Accounts help you save money by providing a way to pay for certain types of health care and dependent care on a pre -tax basis. There are two types of Flexible Spending Accounts:
Reminder: You may rollover up to $660 into the next plan year, but any amount over $660 in your account at the end of the plan year is forfeited.
Health Care Flexible Spending Accounts (FSA)
Allows employees to set aside pre -tax dollars taken through a payroll deduction to pay for expenses not covered by any insurance plan in which you may be enrolled. These pre -tax dollars are set aside in a personal flexible spending account until needed. You may contribute up to $3,300 during the benefit plan year – October 1 through September 30.
Cuenta de Gastos Flexibles para el Cuidado de Dependientes (FSA)
Allows employees to set aside pre -tax dollars taken through a payroll deduction to pay for work -related childcare expenses or adult dependent care. DCFSAs may be used to pay for the care of dependent children under age 13 or any disabled dependent who lives with you and who you claim on your taxes. Your total savings will depend upon your family income, tax status, and total expenses. If you have Dependent Care expenses, you may choose to claim a tax credit when you file your Federal taxes rather than contribute to a Dependent Care FSA. The annual maximum amount you may contribute is $5,000 (or $2,500 if married and filing separately) per calendar year. All DCFSA participants are required to complete IRS form 2441 when preparing their tax return
