We all need to work in order to provide for our families. This why leveraging Dependent Care FSA funds to cover your dependent care expenses is critical.
Dependent Care FSA accounts provide a tax-free way to cover day care related expenses for children under 13, as well as adult dependents. Allowing you to work and make every dollar count!
But, what qualifies as an eligible dependent care expense? The IRS has outlined a list of eligible expenses. These expenses include:
Unfortunately, not all dependent care expenses are covered. The IRS has outlined the following items as being not eligible for tax-free purposes using Dependent Care FSA funds, including:
If you have additional questions regarding eligible expenses, please contact your accountant, or financial advisor.