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IS THERE A DOLLAR LIMIT ON THE AMOUNT OF MONEY THAT CAN BE SET ASIDE FOR THE DEPENDENT CARE ACCOUNT?

April 26, 2017account aside dependent dollar limit money

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IS THERE A DOLLAR LIMIT ON THE AMOUNT OF MONEY THAT CAN BE SET ASIDE FOR THE DEPENDENT CARE ACCOUNT?

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Yes. The maximum amount that you can set aside each year in the dependent care account is $2,500 for parents filing separately or $5,000 for married couples filing jointly or single parents.