Dependent care FSA
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No. If you use your health care flexible spending account to pay for eligible expenses, you cannot deduct those same expenses from your federal income tax return. Keep in mind that by IRS law, you are only allowed to deduct medical expenses that exceed 10% of your gross income. The advantage of the health care flexible spending account is that you can get a tax benefit on health expenses below that threshold.
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No, tuition is not an eligible expense under the dependent care flexible spending accountdue to IRS rules. However, after school care is an eligible expense as long as it is billed separately from tuition.
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Yes, you are eligible to enroll. Because the expenses for your dependent child are eligible only until his or her 13th birthday, only put in the amount you expect to spend in eligible expenses before his or her birthday.
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No, overnight camps are not considered eligible FSA expenses. Day camp expenses can be eligible dependent care FSA expenses if there is no overnight stay.
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A
Dependent Care FSA (DCFSA) is used to pay for childcare or adult dependent care expenses that are necessary to allow you and your spouse, if married, to work, look for work or attend school full-time. However, if you did not find a job and have no earned income for the year, your dependent care costs are not eligible. For more information, refer to
www.FSAFEDS.com.
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Generally not, though you may want to consult a tax professional. The Federal government will allow you to have either a dependent care flexible spending account or take the Dependent Care Tax Credit on your income taxes. You can weigh whether the dependent care flexible spending account or the child tax credit is more beneficial to you. For more information, visit
https://www.fsafeds.com/.
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