Flex Spending Account
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Seeking Info/advice on Flexible Spending Acct. for Childcare Expenses
Asked by K.O. from Dallas
on November 12, 2007
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Hello,
Since I just started back to work recently and we have our little one in daycare, my husband and I are contemplating enrolling in the Flexible Spending Acct....
Answers
- If you spend a lot on childcare then the FSA will probably be better than using the tax credit. The way you can figure out how much you'll save is by crunching the nu...
- I guess it depends how much you spend on childcare. I max out our flexible spending account (which is $5000, I think) and that is money that is not taxed. On my fede...
- Hi K., I asked our tax guy the same question! It's the same as claiming it on your taxes at the end of the year. Of course, it may be different if you're in a diffe...
Flexible Spending Account upon Termination
Asked by A.F. from San Francisco
on March 8, 2013
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Ok my employer is not terminating me (regardless of what my title says), they are selling our line of business which is about 200 people. I have to use my flexible hea...
Answers
- Yes - it's his to use but once you are termed, you can't use it any more. So, if he wants to use the full 2500, he better get going now. I don't think it is morally ...
- I worked for a global testing laboratory and my division was dissolved in August. I had spent more than I had contributed and brought that up. They said no worries, ...
- i believe he has access for the full amount $2500 prior to his end date. Those expenses can only be used for legitimate health care expenses. If the end date is Sept...
FSA Account for Daycare Expenses
Asked by M.C. from Houston
on September 29, 2009
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I'm interested in beginning a FSA account to cover childcare expenses but am not entirely sure how it works. If anyone out there uses one and can provide an overview ...
Answers
- The benefits of a FSA account is to reduce your taxable income. However, you're allowed to claim child care expenses in your tax reporting at the end of the year. I gu...
- I havn't read your other responses so you might already have this. FSA is a great program but it does have a downfall. The way it works is you agree to contribute so...
- Hi M., FSA account is a great program. I used it the entire time my children were in daycare and daycamp. They are 8 and 9 years old now :( How the program works is, y...
Flexible Spending
Asked by M.M. from San Francisco
on December 28, 2012
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I have about $1500 left in my PayFlex medical spending account that I must spend by the end of the year. I'm not sick so no trips to the doctor planned.. Thanks! Any s...
Answers
- check to make sure you don't have until march. I have until march 14 to spend the money and June 30th to claim the money (get reimbursed if I pay out of pocket first.)...
- I haven't been able to use it for anything OTC this year unless there was a prescription written. I had laser correction surgery ($1,600) in October and it has been...
- If I had that much left, I would put it toward getting Lasik.
Over Reimbursement from FSA Based on Adjusted Statement
Asked by C.. from Columbia
on May 15, 2013
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OK - so my husband had a vasectomy in February. We increased the amount we were going to contribute to our flexible spending account because we contacted Dr & insuran...
Answers
- Once my FSA reimbursed me $500 for a dentist visit when they should have only reimbursed me the copayment. I think it's fine because that is technically YOUR money any...
- I would keep trying to pursue it with the FSA people. In the meantime, put that $900 in a savings account and don't touch it. It will be there when they finally come...
- A couple things: The first eob you submitted to FSA that was reimbursed was a legitimate receipt so yes you can keep that money. It's not fraud. The rules for OTC r...
Dependent Care FSA No Longer Needed
Asked by S.G. from Topeka
on January 7, 2010
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Can anyone help?
I signed up for Dependent Care FSA for 2010 only to find out I might not be eligible if I do not get a job in 2010. Given the uncertainty I think I...
Answers
- I also work in Comp & Benefits and you'll need to talk to your HR department. I would argue that you are changing providers (from a paid provider to yourself) and tha...
- I will ask the woman who does our DCFSA when she gets in and hopefully remember to repost. So far as I know about DCFSA it cannot be used retro. In other words if yo...
- This is what I do for a living. Dependent care FSA is much more lenient than the health care FSA because it's not a pre-funded account. You can only spend what you c...
Flexible Spending Account
Asked by A.B. from Atlanta
on October 15, 2007
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We increased our FSA deduction this year because we thought our son was going to get braces. Well I took him to the orthodontist today and he wants to wait another 6 m...
Answers
- Hi , we ran into a similar case last year so my husband went to get more chiropractic services ( thats included in the plan : like 40 visits a year) , now they also h...
- A. B: I am a full-time pediatric dentist and thus, work closely with many orthodontists. You should explain your situtation regaruding the unused FSA that may expi...
- A., I just saw your post. If you can't prepay your orthodontist maybe you could get physicals for you and your husband. They are fairly expensive and good to get do...
Starting Home Day care...what Is Needed for Proof for Flexible Spending Accounts
Asked by L.D. from Chicago
on June 26, 2008
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Hi, does anyone have experience in what I would have to provide (as proof) so that someone can use thier flexible spending account to pay me??? thanks!!!
Answers
- I did home daycare for a while and all I needed do was give my SSN and, at the end of the year, provided parents w/ dates of service. They received weekly paid receip...
- I think all you need is to give them your SS #. K.
- Your SSN. But also....make sure you claim the income on your taxes, because with them using that then your income from that gets reported on your SSN.
Dependent Care FSA Issue with Cigna
Asked by C.K. from Pittsburgh
on December 13, 2012
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I am having issues with Cigna reimbursing me for dependent care expenses and now my daughter's enrollment is at stake. I have contacted my HR department, called custo...
Answers
- Are you 100% sure the expenses are covered? They made lots of changes to the things that can be handled through FSAs this past year and some of them even require an R...
- I work in this field as a consultant to employers. Assuming you've sent in your receipts before and you know what you're doing, Cigna' hasn't reimbursed you becuase ...
- NYmetromom is most probably correct. I work in insurance and we had a company that didn't pay their health insurance premium. Of course we suspended payment of their e...
Will I Get a Refund If I File for the Child and Dependent Care Credit?
Asked by J.N. from Dallas
on January 11, 2011
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I don't know very much about the Child and Dependent Care Credit. I just enrolled my daughter in daycare this month and I'm kind of regretting not signing up for the D...
Answers
- Go to the IRS web site where this is one of the commonly asked questions. The Dependent Care Flexible Spending Account (DCFSA) is separate from the Child and Depe...
- Jennifer: I believe it will aid in you getting a refund. We do our taxes via TurboTax and have everything set up already....you can actually go to the irs.gov and g...
- If you just enrolled her then it wont help you on this years taxes but it will next year. You would get up to a $3000 credit for these expenses with one child. ...
