So if my max contribution for the year is $5000 and my daycare expenses are $1000 per month; could I essentially reimburse myself $5000 worth on month 5 (May) of the year? Or only what I've contributed to myself up until that point?
Great video! In a scenario where your annual childcare expenses are over $12K (for one child), is it possible to take advantage of both the Dependent Care FSA and Dependent Care Tax Credit?
What if I don’t need it, and want to opt out, my kids aren’t in daycare, grandma babysits them, so money is being taken out of my checks and I’m not able to use it. So it’s pretty much wasted money taken from me.
Thanks for the video! When your company offers $5000 max, on this type of FSA, can you contribute any more outside of work? Or is it only what my company decides to offer as a benefit?
You may want to check again with your employer as the $10k limit is new. However you are only allowed to contribute what your employer's plan allows for
I know you mentioned this is only available if both parents are working or in school. Can you take advantage of a Dependent Care FSA if your spouse is disabled and on disability?
So long that the below statement applies, yes. www.irs.gov/publications/p503#en_US_2021_publink1000203292 "One spouse is treated as working during any month he or she is a full-time student or isn't physically or mentally able to care for himself or herself."
not being rude but next time slide over where we can see all the details to your presentation and also slow down a bit when you are explaining the material thanks
So if my max contribution for the year is $5000 and my daycare expenses are $1000 per month; could I essentially reimburse myself $5000 worth on month 5 (May) of the year? Or only what I've contributed to myself up until that point?
Hi. Just confirming that I wouldn’t be eligible because I’m a stay at home mom even if I sign up one of my children for summer day camp.
Great video! In a scenario where your annual childcare expenses are over $12K (for one child), is it possible to take advantage of both the Dependent Care FSA and Dependent Care Tax Credit?
What if I don’t need it, and want to opt out, my kids aren’t in daycare, grandma babysits them, so money is being taken out of my checks and I’m not able to use it. So it’s pretty much wasted money taken from me.
Rich people are paying for Nannies & Day camps tax free (with pre-tax dollars).
Poor people pay for day-care with after-tax dollars.
Thanks for the video! When your company offers $5000 max, on this type of FSA, can you contribute any more outside of work? Or is it only what my company decides to offer as a benefit?
You may want to check again with your employer as the $10k limit is new. However you are only allowed to contribute what your employer's plan allows for
I know you mentioned this is only available if both parents are working or in school. Can you take advantage of a Dependent Care FSA if your spouse is disabled and on disability?
So long that the below statement applies, yes.
www.irs.gov/publications/p503#en_US_2021_publink1000203292
"One spouse is treated as working during any month he or she is a full-time student or isn't physically or mentally able to care for himself or herself."
Anthony Fantano????
What if the non working spouse is looking for work?
Do you offer free consultation?
Unfortunately I do not offer free consultations
nice video. how does it affect child tax credit?
th-cam.com/video/hHvmzB_hxgg/w-d-xo.html
not being rude but next time slide over where we can see all the details to your presentation and also slow down a bit when you are explaining the material thanks