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Message
FSA limits?
Posted on 8/3/12 at 3:11 pm
Posted on 8/3/12 at 3:11 pm
I googled before posting. Just wanna read it from someone here. My wife begins work next week for a Private Elementary School. They told her she can only put $2500 into the child care FSA.(child in pre-k 3)They didn't tell her why nor did she ask.(both women) Anyway why cant she contribute more? It's my understanding for a Health FSA 2500 is the new limit under OBAMACARE. But the limit remains unchanged for a ChildCare FSA, which is up to the amount that she makes.
I only wanna contribute exactly the amount of our child care expense (about 4500) since it's use it or lose it. I don't want to contribute any to the Health Care FSA.
Am I right and the employer doesn't know what they are talking about or am I missing something?
Help!!
I only wanna contribute exactly the amount of our child care expense (about 4500) since it's use it or lose it. I don't want to contribute any to the Health Care FSA.
Am I right and the employer doesn't know what they are talking about or am I missing something?
Help!!
2
Posted on 8/3/12 at 4:01 pm to TBubba
quote:
Am I right and the employer doesn't know what they are talking about or am I missing something?
I called the IRS re the flexible accounts for daycare for couples married filing separate.
2500/each.
I would presume it is 5k if married filing jointly.
Is there a limit for a DCFSA election?
By law, the maximum amount you may allot for a DCFSA is $5,000 per household ($2,500 if married filing separately). You could exceed the $5,000 limit if both you and your spouse work for employers offering an FSA and the combined total of the allotments you each elect for a DCFSA goes beyond the applicable limit of $5,000. So, it is important that you plan carefully.
LINK
Posted on 8/3/12 at 4:57 pm to Doctor Radical
Thanks for the link.
So just to be sure, we file jointly. So her employer should be able to withhold the full 5000 right? I'm just asking even though I only want about 4000 held out.
So just to be sure, we file jointly. So her employer should be able to withhold the full 5000 right? I'm just asking even though I only want about 4000 held out.
Posted on 8/3/12 at 5:01 pm to TBubba
quote:
So just to be sure, we file jointly. So her employer should be able to withhold the full 5000 right?
I am not an accountant and don't want to tell you what "you should be able" to do.
The above is just my story (from this last month or so) and a link to some info.
Posted on 8/3/12 at 10:43 pm to Doctor Radical
I believe with the new beloved Obamacare the HSA limit goes from 5000 to 2500 for a family either next year or 2014.
Posted on 8/4/12 at 6:25 am to TBubba
Childcare FSA aka Dependent care FSA is based on tax filing status. If married filing joint, can put 5k per calendar year. married filing separate max is 2500. You can put as much or little as you choose.
Health care reform will lower the Health Care FSA max to $2,500 for 2013 plan years and beyond.
Health care reform will lower the Health Care FSA max to $2,500 for 2013 plan years and beyond.
This post was edited on 8/4/12 at 6:28 am
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