You can reduce your taxes and increase your spendable income by setting aside pre-tax dollars in a Dependent Care Spending Account and/or Health Care Spending Account. Through these accounts you can pay for qualifying dependent care expenses up to $5,000 annually and/or qualifying health care expenses up to $3,000 annually. Enterprise pays all administrative costs for this benefit.

No. Contributions allocated to one benefit account can only be used to pay a claim from that benefit program. For example, your contributions to your Health Care FSA cannot be used to pay a dependent care expense.

The health and dependent care spending accounts are two separate benefit plans. Per IRS regulations, you cannot transfer money between the two accounts.

You can save on Federal Income and State taxes (in most states), and Social Security taxes. Federal taxes generally are 15% to 28%, with Social Security taxes of 7.65%. Adding these amounts to your state tax will generally bring the savings to at least 30%, and more in some cases.

FSA is a benefit provided by your employer that lets you set aside a certain amount of your paycheck into an account before paying income taxes. Then, during the year you can use funds in the account to pay for qualified expenses with tax-free dollars. FSA components include: Health Care Account, Dependent Care Account, Commuter Benefits, and Adoption Assistance. Check with your employer for more details.

No. Expenses for education do not qualify for your Dependent Care FSA. However, if you are charged for "after-care" for the portion of the day that your child attends the school that is charged for care and well-being, this charge does qualify for the Dependent Care FSA. Your provider must provide you with support for the charges for the portion that is specifically for care and well-being.

No. Insurance premiums are not an eligible expense under IRS Section 125 Medical Care Flexible Spending Accounts. The Medical Care Flexible Spending Account (FSA) will reimburse you $300. Your annual election amount is available to you the first day of the plan year. You do not have to have the funds in the account in order to be reimbursed.

Yes. The FSA will be converted to a fiscal year accounting period on July 1, 2005 for all union represented employees (ACCFT and Local 6070 employees converted to a fiscal year accounting on July 1, 2004). Employees can set aside income on a tax-free basis to pay for deductibles, coinsurance and other out-of-pocket medical expenses occurring in that same year.

For a Medical FSA - Provide copies of receipts from the service providers and/or receipts for any co-pays made on Pharmacy claims or you may submit the Explanation of Benefits form from your Insurance Carrier. Receipt needs to include Provider name, address and treatment. For a Dependent Care FSA ? Provide copies of receipts from the caregiver.

The Benny card can only be used for flexible spending health care accounts. Government regulations do not permit the use of a Benny Card for dependent care accounts. We apologize for any inconvenience, it is the government's policy, not the University's policy. You will have to file a claim form for a flexible spending dependent care account.

No. Money directed to one type of account can be used only for expenses relating to that account. This is true even if all the money in one account is not used and the other account runs short. Participants will forfeit any money left in the account after they have submitted claims for the entire year. Reminders are sent to the employee to minimize this risk.

The maximum contribution for dependent care (Daycare FSA) accounts is set by the IRS at $5,000 if you are single head of household or married filing jointly. If married and filing separately, the Daycare FSA maximum is $2,500.

Expenses for dependent care no longer qualify for the Dependent Care FSA on the day your child turns age 13 unless they have been certified as incapable of self-care. Care for dependents incapable of self-care qualifies to any age as long as it is for care and well-being while you are working or looking for work. No. Only charges for care and well-being in order for you to work or look for work qualify for your Dependent Care FSA.

No. If the amount deposited in the FSA exceeds actual covered expenses, the unused money is forfeited by the employee.

A dependent care flexible spending account (FSA) allows you to pay for employment-related dependent care services related to care of a qualifying individual on a pre-tax basis. For a list of eligible dependent care expenses, please click here (provide link to DCAP list - currently on website under resources tab). Dependent care expenses must be incurred to enable you (and your spouse if married) to work or look for work.

No. The Internal Revenue Code disqualifies expenses that include overnight care. The charges cannot be prorated to include the portion that was for care during the day while you were working.

Generally, no. However, if the primary purpose of these camps is for care and well-being in order for you (or you and your spouse if married) to be gainfully employed, they may qualify. If for care and well-being, you must send a statement, with each claim submitted, stating that child attends that camp primary for care and well-being and not for educational purposes. Home | FSA Eligible Expenses | FSA Overview | HRA Overview | Commuter Benefit Overview | FAQ | Tax Savings Calculator

Your election may not exceed the maximum amount specified in Section 129 of the Internal Revenue Code. Currently, the maximum annual amount is $5,000 per year ($2,500 if you are married and file separate returns). Your maximum allocation may not exceed the earned income limitation. If you are single, the earned income limitation is your salary (excluding your contributions to the plan).