If I participate in the dependent day care FSA plan, do I need to report anything on my personal income tax return at the end of the year?
• Yes. You must identify all persons or organizations that provide care for your child or dependent by filing IRS Form 2441-Child and Dependent Care Expenses, (see Instructions for IRS Form 2441), along with your Form 1040 each year (or Schedule 2 for Form 1040A). Consult your tax advisor if you have specific questions. • I signed up to contribute $400 per month into my dependent day care Flexible Spending Account (FSA) plan. My actual expenses are closer to $500 per month. Should I submit my claim form for $400 or for $500? • You should file your claim for the actual amount of charges, $500 in this case. You will be paid up to the amount of money in your account (less prior reimbursements), not to exceed $400. The other $100 would be pending and paid once you have additional funds contributed to your account.
Related Questions
- If I participate in the dependent care Flexible Spending Account (FSA) plan, do I need to report anything on my personal income tax return at the end of the year?
- If I participate in the dependent day care FSA plan, do I need to report anything on my personal income tax return at the end of the year?
- Is there an administrative fee to participate in the FSA Health or Dependent Plan?
