Really concerned about losing $2-3k Dependent FSA. Need suggestions

[Anonymous]

Anonymous wrote:

Anonymous wrote:If camp $ moved to next year by camp, can they submitted for this year? If not, we are in big trouble. Big...for us.

Big NO to that.

We had this same question and were told the answer is no. The money has to be reimbursed in the year the service (camp) was used, not the year it was paid for. It's so frustrating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were able to go onto the website and reduce our contributions due to a life event (childcare costs being reduced).

We did this too but we don’t need childcare during the school year because we stagger schedules so camp would have been our only use of the funds, some of which were already in there. I really hope we can carry over.

You should be able to carry over $500

The normal rules depend on your FSA. Some allow some carryover. I believe the federal DCFSA allows you to incur expenses through March 15th but not carryover. That may or may not be helpful to people.

I still expect there to be a universal change allowing more flexibility this year (and not just the qle thing).

My company does not permit carrying over.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Look up the CARES Act. I think they're allowing you to get your contribution back. Ask your HR department.

Correct - DCFSA can be adjusted due to CARES. Call FSA M-F between 9am-9pm. Good luck!

To be clear- you can change your adjustment but once FSA has your money, you cannot just ask for it back. Don’t spread lies!

This is our problem. We stopped contributions at the end of March but still have $1k in there we cannot claim. It’s outrageous.

+1
And we won’t be using aftercare this fall.

[Anonymous]

Every year, I am infuriated by the health care FSA and the dependent care FSA that requires you to guess in advance what your situation will be and then takes your money if you guess wrong. How does that make any sense? Especially with the health care (not the subject of this post, I know). How on earth are you supposed to guess your out of pocket health care needs when you don't know what will happen with your health and even if you do, there aren't any price lists to consult beforehand! INFURIATING!

[Anonymous]

Anonymous wrote:Every year, I am infuriated by the health care FSA and the dependent care FSA that requires you to guess in advance what your situation will be and then takes your money if you guess wrong. How does that make any sense? Especially with the health care (not the subject of this post, I know). How on earth are you supposed to guess your out of pocket health care needs when you don't know what will happen with your health and even if you do, there aren't any price lists to consult beforehand! INFURIATING!

+1. It's not like we have ANY price transparency with healthcare to begin with, so how am I supposed to estimate how much I'll need?? It's infuriating. I either always underbudget and run out by like Sept/Oct or over budget and am stuck buying tons of bandaids etc I'm in a HDHP now so I have an HSA. That seems to be working better for our family since we are pretty low and infrequent healthcare needs and our funds rollover so it doesn't matter if I contribute too much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were able to go onto the website and reduce our contributions due to a life event (childcare costs being reduced).

We did this too but we don’t need childcare during the school year because we stagger schedules so camp would have been our only use of the funds, some of which were already in there. I really hope we can carry over.

You should be able to carry over $500

The normal rules depend on your FSA. Some allow some carryover. I believe the federal DCFSA allows you to incur expenses through March 15th but not carryover. That may or may not be helpful to people.

I still expect there to be a universal change allowing more flexibility this year (and not just the qle thing).

My company does not permit carrying over.

if the Internal Revenue Code is changed to mandate and/or allow carryovers for this situation, your company will have to comply. It will be the law.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were able to go onto the website and reduce our contributions due to a life event (childcare costs being reduced).

We did this too but we don’t need childcare during the school year because we stagger schedules so camp would have been our only use of the funds, some of which were already in there. I really hope we can carry over.

You should be able to carry over $500

The normal rules depend on your FSA. Some allow some carryover. I believe the federal DCFSA allows you to incur expenses through March 15th but not carryover. That may or may not be helpful to people.

I still expect there to be a universal change allowing more flexibility this year (and not just the qle thing).

My company does not permit carrying over.

if the Internal Revenue Code is changed to mandate and/or allow carryovers for this situation, your company will have to comply. It will be the law.

Right, but the IRS hasn't done that yet, has it? My understanding is that companies could allow a carryover of up to $550 but they don't have to.

[Anonymous]

There are some expensive performing arts virtual camps.

[Anonymous]

Anonymous wrote:Write a check to grandparents for two weeks of childcare $1,800 (below taxable amount)

Have them give you cash back

They would have to claim as income

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were able to go onto the website and reduce our contributions due to a life event (childcare costs being reduced).

We did this too but we don’t need childcare during the school year because we stagger schedules so camp would have been our only use of the funds, some of which were already in there. I really hope we can carry over.

You should be able to carry over $500

No that is for the Medical FSA

[Anonymous]

It is frustrating. Especially because while my old jobs had HSAs, so I could contribute to the limit and leave it in forever if I wanted, now I have an FSA for both dependent care and health. Wish I were psychic!

Not to go too OT, but this year many over the counter items can be reimbursed using a health FSA. Just save the receipts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We were able to go onto the website and reduce our contributions due to a life event (childcare costs being reduced).

We did this too but we don’t need childcare during the school year because we stagger schedules so camp would have been our only use of the funds, some of which were already in there. I really hope we can carry over.

You should be able to carry over $500

The normal rules depend on your FSA. Some allow some carryover. I believe the federal DCFSA allows you to incur expenses through March 15th but not carryover. That may or may not be helpful to people.

I still expect there to be a universal change allowing more flexibility this year (and not just the qle thing).

My company does not permit carrying over.

if the Internal Revenue Code is changed to mandate and/or allow carryovers for this situation, your company will have to comply. It will be the law.

Right, but the IRS hasn't done that yet, has it? My understanding is that companies could allow a carryover of up to $550 but they don't have to.

Correct. A full rollover of 2020 deductions for use in 2021 is expected. Congress must enact it. It is on their radar. It was in the House Democratic proposal a few weeks ago. A number of Republicans expressed support for that provision, just not the whole bill. Congress will not allow every FSA user to lose all this money this year. It would be considered a pay cut. A law change will happen. We just have to be patient. This is one of the few common-sense, easy solutions that they can agree on.

[Anonymous]

Anonymous wrote:Online camp does count! We signed up our kids for Outschool camps and submitted them. So far so good!

https://outschool.com/summer#usKiBvNMdV

I can’t see how it qualifies. It’s supposed to be used for childcare so you can work. How is virtual camp childcare?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Online camp does count! We signed up our kids for Outschool camps and submitted them. So far so good!

https://outschool.com/summer#usKiBvNMdV

I can’t see how it qualifies. It’s supposed to be used for childcare so you can work. How is virtual camp childcare?

Vital camp is absolutely child care if you're working and need something to keep your child occupied so you can work. Maybe it doesn't work for all ages, but it certainly works for my my kids. The are busy and productive and not asking me to entertain them. THat's childcare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Online camp does count! We signed up our kids for Outschool camps and submitted them. So far so good!

https://outschool.com/summer#usKiBvNMdV

I can’t see how it qualifies. It’s supposed to be used for childcare so you can work. How is virtual camp childcare?

Vital camp is absolutely child care if you're working and need something to keep your child occupied so you can work. Maybe it doesn't work for all ages, but it certainly works for my my kids. The are busy and productive and not asking me to entertain them. THat's childcare.

Legally it counts. We've only been using the Outschool ones from that link that are for "summer" (not classes/school) and they are accepted! I guess the IRS understands that us parents don't have a choice!