- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Does anyone here take advantage of their employer's Dependent Care FSA benefits?
Posted on 10/7/24 at 2:04 pm
Posted on 10/7/24 at 2:04 pm
Just had my first kid and was looking at daycare where I live. One place had a weekly rate of $335 a week. A WEEK! 
Daycare isn't something we need right away with how our work schedules are, but I was wondering if it's worth the pre-tax benefit.
Daycare isn't something we need right away with how our work schedules are, but I was wondering if it's worth the pre-tax benefit.
14
Posted on 10/7/24 at 2:08 pm to finchmeister08
Why wouldn’t you… Less money back to the crooks for something you have to pay for anyway. Used it for day care when little and now we use it for afterschool care
This post was edited on 10/7/24 at 2:09 pm
Posted on 10/7/24 at 2:20 pm to finchmeister08
I do. I usually just wait until the end of the year and submit one claim for the $5k total
Posted on 10/7/24 at 2:23 pm to Civildawg
quote:
I usually just wait until the end of the year and submit one claim for the $5k total
can you go into more detail on that? i thought the money you put in can't be rolled over?
Posted on 10/7/24 at 2:26 pm to finchmeister08
Yes, it’s free money since you avoid the tax, and pretty easy to use
Posted on 10/7/24 at 2:38 pm to finchmeister08
The limit is $5K per year, and can’t be rolled over. So he waits until the end of the year after he has the last $200 or so contribution come out of his paycheck and submits his claim for reimbursement of the entire $5k.
I do the same thing, then use $4,800 to immediately fund the 529.
I do the same thing, then use $4,800 to immediately fund the 529.
Posted on 10/7/24 at 2:38 pm to finchmeister08
He gets the receipts from 1-1/24 to 12/30/24 and submits the claim all at once. Funds don’t roll over, but it may be less inconvenient.
I submitted mine every month starting about March (needed to build up funds first.) 12k in cost per year per kid.
I submitted mine every month starting about March (needed to build up funds first.) 12k in cost per year per kid.
Posted on 10/7/24 at 2:40 pm to finchmeister08
You’re in open enrollment for 2025, or will be soon. Since you already had the kid, this is your chance. You can’t decide in June of 2025 you want to start funding it.
Posted on 10/7/24 at 2:40 pm to finchmeister08
There is a max limit per year you contribute. So he’s saying he submits his claim at end of year to be reimbursed up to the max.
It will take out of your paycheck every month into a separate account, you can either directly pay the school/day care or submit the bill and pay yourself back.
It will take out of your paycheck every month into a separate account, you can either directly pay the school/day care or submit the bill and pay yourself back.
Posted on 10/7/24 at 2:50 pm to Tifway419
quote:
So he waits until the end of the year after he has the last $200 or so contribution come out of his paycheck and submits his claim for reimbursement of the entire $5k.
so, you guys are paying the full price of daycare out of your own pocket throughout the year while also contributing to the FSA?
Posted on 10/7/24 at 3:02 pm to finchmeister08
Basically, yes. You reimburse yourself from your dependent care savings account as you go. I had to upload an invoice for each claim, and then they direct deposited the money from the savings account into my checking.
Posted on 10/7/24 at 3:04 pm to finchmeister08
Yes, but for me it’s somewhat of a forced savings plan for the 529 for the kids college since I use the FSA reimbursement for the 529.
That’s just my situation. I’d still highly recommend the FSA even if you pull the contributions every month - get that tax savings.
That’s just my situation. I’d still highly recommend the FSA even if you pull the contributions every month - get that tax savings.
Posted on 10/7/24 at 3:18 pm to DaBeerz
Yeah it's free money, just gotta take the time to set up an account and document spending.
Posted on 10/7/24 at 3:53 pm to Civildawg
Anyone know how to submit a claim for personal babysitter for summer care?
Can you show Venmo receipts?
Can you show Venmo receipts?
Posted on 10/7/24 at 4:04 pm to finchmeister08
Yes. It's $5,000 that is not taxed. If you can be without that money for 12 months, then it is a no-brainer.
Posted on 10/7/24 at 4:15 pm to TheWiz
quote:
If you can be without that money for 12 months
The frick? It should fund in equal installments throughout the year. If you get paid biweekly 26 deposits or whatever. Monthly will be 12. You're never out the whole $5k unless you wait to submit receipts, which you shouldn't.
I don't know why anyone would wait to submit receipts. Most flexible spending account vendors of any repute will allow online uploads. If the amount is more than you have deposited, they will pay as you deposit so you're "out" of the money maybe 48 hours tops after your paycheck hits.
It's so easy to use, but people don't understand it and strand so much money or don't get the benefit.
If you live in a high COL area you'll burn through that money in the first third of the year
This post was edited on 10/7/24 at 4:19 pm
Posted on 10/7/24 at 5:22 pm to finchmeister08
I did while my sons was in daycare. Now in 1st grade so no use
Made a mistake one year and missed the enrollment deadline and it was t renewed.
Free tax savings. On the money you spend in daycare. I paid the monthly bill, got agency to sign sheet supplied by DCSA and then submitted online. They sent direct deposit to my bank within a few days from my account
Made a mistake one year and missed the enrollment deadline and it was t renewed.
Free tax savings. On the money you spend in daycare. I paid the monthly bill, got agency to sign sheet supplied by DCSA and then submitted online. They sent direct deposit to my bank within a few days from my account
Posted on 10/7/24 at 5:24 pm to finchmeister08
quote:
can you go into more detail on that? i thought the money you put in can't be rolled over?
Cannot be rolled over and the costs have to occur from Jan 1 thru dec 31st. However you have a few months after new years to file for last years invoices
Posted on 10/7/24 at 7:15 pm to finchmeister08
Yep. Every year. Nice little 5k “bonus” at the end of the year.
Posted on 10/7/24 at 8:10 pm to finchmeister08
quote:
One place had a weekly rate of $335 a week. A WEEK
Ours is $285 a week for one kid. Another kid on the way. F my life
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News