You are here: Home Finances Flexible Spending ... FSA: Dependent ... Summary
Information For Living With: Choose condition »
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Summary

Next »

1/4

The concept behind a dependent care Flexible Spending Account (FSA) is permit you to work by providing tax advantaged funds for child care and/or adult care for senior citizen dependents that live with you.

FSA debit cards can be used with dependent care FSAs, but are subject to restrictive IRS requirements that generally require employees pay the first child-care bill of each year by other means.

It is not as easy to determine whether a Dependent Care Flexible Spending Account is worthwhile. With dependent care there is a tradeoff with tax credits while with a Medical Care FSA the trade off is an itemized deduction subject to a high threshold.

Maximum contribution is $5,000.

To learn more about FSAs in general, see: FSA


Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.