Can I put money aside on a pre-tax basis to pay for dependent, elder, or health care expenses?
The Dependent Care Advantage Account (DCAA) is a flexible spending account program governed by the regulations of the Internal Revenue Service. The program provides State employees with the opportunity to pay for childcare, elder care, or other dependent care expenses on a pre-tax basis. Participation in this program allows employees to set aside up to $5,000 annually in pre-tax salary to pay for their dependent care expenses. Some employees are eligible for up to an $800 employer contribution. Some employees who participate in the DCAA Account save more than $1,500 annually on their dependent care expenses!
