Yes, but you may not claim the tax credit on the same expenses reimbursed from Dependent Care Reimbursement Account and amounts reimbursed from the Dependent Care Reimbursement Account reduce the amounts eligible for the tax credit. In most cases using the Dependent Care Reimbursement Account will result in a greater tax savings than taking the tax credit. You can complete the DCRA Worksheet to help you determine which is best for you.

employee can not continue to make contributions to their dependent care account after termination of employment. However, an employee can continue to request reimbursement for eligible expenses until the account balance is exhausted, or the plan year ends, even if the full annual amount has not been contributed prior to termination. See similar questions...

your dependent who was under age 13 when the care was provided and whom you can claim an exemption on your Federal Income Tax return, your dependent who was physically or mentally not able to care for himself or herself and whom you can claim as an exemption (or could claim as an exemption except the person had $2,900 or more of gross income). Physically or mentally not able to care for oneself. See similar questions...

Eligible Dependent Care expenses are amounts spent for the care, well-being and/or protection of a qualified dependent so that you (and your spouse, if you are married) can work. See similar questions...

Yes. Below are some examples of expenses that are not reimbursed under your Dependent Care Reimbursement Account: Child care services provided by your spouse, someone you claim as an exemption on your federal income tax return, or by one of your children under age 19 Transportation expenses between your home and the dependent care provider, including chauffeur services See similar questions...

If you are single, or married and filing a joint tax return, you may deposit up to $5,000 from your combined pay into your DCRA. If you are married and filing a separate tax return, you may deposit a maximum of $2,500 into your DCRA. If your spouse participates in a dependent care reimbursement account through his/her employer and you file your tax return jointly, the combined total of your reimbursements cannot exceed $5,000 each year. See similar questions...

Most important, your personal taxes will be reduced. The amount you contribute to your DCRA is not subject to Federal taxes. Generally, this will mean a tax savings of 15% to 40% depending on your tax bracket. As a direct result of the personal tax savings, you can actually increase your spendable income by changing the payment of those expenses from an after-tax to a pre-tax basis. See similar questions...

Any money in your DCRA that is not used by the end of the plan year will be forfeited. Therefore, it is in your best interest to be conservative when estimating your contribution. See similar questions...

Expenses reimbursed from the child/dependent care account cannot also be claimed as a tax credit on your individual tax return (Form 1040, line 41). Sometimes this credit is better than the deduction allowed through the Flex Plan. While you can "Contact Us" for a general view, please consult your tax advisor as to whether to choose the tax credit or the deduction. See similar questions...

Employees set aside pre-tax payroll deductions in the account to budget for the daycare expenses of a dependent child under age 13. Qualified expenses include nannies, babysitters, housekeepers, nurse's fees, and registration fees to a daycare facility. The cost of pre-K or nursery school, before and after school care, and day camp also qualify. To qualify, expenses paid for daycare must allow an employee or the employee's spouse to work or look for employment. See similar questions...

You can make an annual contribution ranging from $130 to $5,000 (or $2,500 each if you are married and file your taxes separately). You can go to the Internal Revenue website at www.irs.gov and view IRS Publication 502 (Medical and Dental Expenses) and IRS Publication 503 (Child and Dependent Care Expenses). See similar questions...

You cannot use both the dependent care FSA contributions and the income tax credit for the same expenses. The amount you deposit into your Dependent Care Account reduces the amount, dollar for dollar, that you can claim as a credit on your tax return. Deciding whether to participate in the Dependent Care Account depends on your income, income of your spouse, filing status, number of dependents and annual dependent care expenses. Please consult a tax professional for advice. See similar questions...

The Dependent Care Reimbursement Account is a flexible spending account that allows you to put aside pre-tax dollars out of your pay for qualified expenses related to the care of your children age 12 and under and/or elderly or incapacitated dependents (such as custodial care for an elder). The plan allows you to receive payments on a tax-favored basis as you incur the expense rather than waiting each year until tax filing. See similar questions...

As a general rule you can include medical and dental expenses you, and/or legal dependents, incur during a plan year that are not eligible for reimbursement from other sources. These expenses include services provided by Physicians, Surgeons, Specialist, Dentist, and other medical practitioners. See similar questions...

Yes. A partial list would include the following: Drugs and Vitamins taken for your general well being, cosmetic surgery, teeth bleaching, health club expenses, insurance premiums, expenses eligible to be reimbursed from other sources, illegal procedures and drugs, etc. Please see IRS Publication 502 for a detailed explanation of allowed and disallowed expenses. See similar questions...

We suggest you review the deductible and copay provisions of your medical and dental plans, and look at your out-of-pocket healthcare expenses over the past year or two. Then, fill out the HCRA Worksheet. Many expenses like doctor office visit copays, orthodontia payments and drug copays are easily predictable. Others, like eyeglasses and hearing aids may be deferred or accelerated from one year to another depending on the balance of your account. See similar questions...

The Child/Dependent Care account allows pre-tax dollars to be used by working couples or single parents for day care to watch a child or dependent under 13 years of age (or any age if disbled) so they can work (or attend school full-time). Family members include anyone claimed as a dependent on your income tax return (From 1040). See similar questions...

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. See similar questions...

If you have a child under the age of 13, or a dependent or spouse who is physically or mentally incapable of caring for him/her, you are allowed a tax credit based on the expenses you incur for their care while you work or attend school. In general, you can claim the credit up to $3,000 worth of qualifying expenses for one child or dependent, and $6,000 if the care is for two or more. The minimum credit percentage is 20%, with the calculation made on Form 2441. See similar questions...

Day care expenses are eligible whether provided by an individual or by an established day care center. If the provider is a day care center which regularly provides care for more than 6 people, the center must comply with state and local laws and regulations. The claim will be paid up to the amount available in the account. The participant will be reimbursed for the rest of the claim once the money is deposited in the account. See similar questions...