XJT FSA dependant care who has used it?

[COOPERVANE]

How do you submit for reimbursement of child care costs? how long does it take?

Do you submit it every week? or month?

Of course It has to be a licensed daycare provider. Is an in-home (her home) daycare eligible?

Is it worth it? It seems like a lot of paperwork

Thanks for any info

 

[OCP]

Depends on who you are paying. If you have a place that can take a CC then you use your same flex spending CC that they give you. No paperwork at all.
If you do have to submit something (I've only had to do it once) payment is pretty prompt. And its all pretax!

 

[Nevets]

Careful, it's use it or lose it.

 

[OCP]

Careful, it's use it or lose it.

$225 a week for full time daycare. Using it is no problem.

 

[spudskier]

Problem comes if you put away too much. Say you're left with $100 in your account at the end of the year? That YOU put away from your paycheck? It's gone... forget about it. YOu do save some money since it's pre-tax, but make sure to keep VERY careful track

Can be any day care provider (We use a lady that does it from her house) and as long as they will provide you with a receipt of their services and SSN for your tax return (their service fees are tax deductible as long as you have their SSN) you can use your FSA funds

 

[Plainsman]

You will use up the $2500 fast. Plus you have the added satisfaction of Obama not being able to get at more of your money. Before that idiot came into office I was doing $5000, he cut it in half. How's that for hope and change. I thought the Donkeys were for Tax the rich to feed the poor, if I'm rich I need to move to the land of swimming pools and movie stars! Rant over but the dependent side of the flex is a good thing.

 

[OCP]

You will use up the $2500 fast. Plus you have the added satisfaction of Obama not being able to get at more of your money. Before that idiot came into office I was doing $5000, he cut it in half. How's that for hope and change. I thought the Donkeys were for Tax the rich to feed the poor, if I'm rich I need to move to the land of swimming pools and movie stars! Rant over but the dependent side of the flex is a good thing.

Still $5000 on the ASA side. My wife can do $5000 with her job too. I guess Obama likes us better.

 

[COOPERVANE]

Thanks for the responses. It seems to make sense. We are in the 25% tax bracket so it saves that PLUS ~7% social security tax PLUS GA income tax. So it is at least 32% savings.

 

[Nevets]

Thanks for the responses. It seems to make sense. We are in the 25% tax bracket so it saves that PLUS ~7% social security tax PLUS GA income tax. So it is at least 32% savings.

I think that you will still pay payroll taxes. And I don't know about GA, but not all states exempt it from their income tax either.

 

[Clutch]

Was expressjet going bankrupt before ASA bought them?

 

[701EV]

Still $5000 on the ASA side. My wife can do $5000 with her job too. I guess Obama likes us better.

OCP are you sure brother? I believe it's a federal law $2500 thanks to Barry.
My wife blew a gasket when it dropped from $5000. to $2500. If you are doing $5000 please let me know.

 

[asayankee]

You can do $5000 for dependent care.... Only $2500 for FSA medical expenses.

 

[701EV]

You can do $5000 for dependent care.... Only $2500 for FSA medical expenses.

asayankee, thanks, we just do the medical expenses.