What is the maximum contribution to the dependent care (child care) Flexible Spending Account?
The IRS allows a family maximum contribution to the Dependent Care (child care) Flexible Spending Account of $5,000, however, limitations do apply. The amount contributed to the Dependent Care (child care) Flexible Spending Account must be less than: • Your taxable income, or • If married, your spouse’s taxable income, or • $2,500 if married filing separate. If your spouse currently has a Dependent Care (child care) Flexible Spending Account through his/her employer, the combined contributions cannot exceed $5,000 or $2,500 each, if filing separate returns per calendar year. In addition, children must be living with the filing parent during the time care is provided. If your spouse is a full-time student, the IRS considers his/her earned income to be $250 a month for each dependent, to a maximum of $500 a month. Please review the Attachment concerning qualified dependent care.
Related Questions
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- What is the maximum contribution to the dependent care (child care) Flexible Spending Account?
