Really concerned about losing $2-3k Dependent FSA. Need suggestions
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Anonymous
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All my son's camps through July are canceled. He is mildly asthmatic so don't want to send him anyway till August at least.
We are visiting grandparents for 2 weeks this month and have cousins come over later this month. August camp will be around $1k (half-day as I work part-time) if we send him. Any suggestions on how to use the rest of the Dependent care amount? DH checked with his HR and there is no news about being able to transfer to next year. Most virtual classes are not that expensive. I need to use up like $500 a week for the month of July. Also if Ex day counts for Dependent FSA, would a swim class or piano class after school also count in Fall? |
Anonymous
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Write a check to grandparents for two weeks of childcare $1,800 (below taxable amount)
Have them give you cash back |
Anonymous
| I was able to stop contributing due to change in childcare. |
Anonymous
Has anyone ever done this? Not op, but I was going to look into using some of the funds to pay for a visiting nurse for an elderly family member. Still unsure if that qualifies. You could also look into the most expensive online camps, maybe master classes with world class musicians, actors, or artists? I can't imagine there not being an extension to use fsa funds, though. |
Anonymous
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yeah will your job let you stop?
I really would consider paying your parents to watch him and declaring that. You only need a receipt, probably. |
Anonymous
| Ps I don't think you can use it for regular piano lessons, but maybe if they're marketed as camp? |
Anonymous
| We were able to go onto the website and reduce our contributions due to a life event (childcare costs being reduced). |
Anonymous
We hired the grandparents- and then we paid them and they used the money to buy arts and craft supplies etc. It did end up bumping up my mom’s taxes a bit. So just be aware of that. Since my mom is an antique dealer she has a tax if and she made me a receipt with that. Our old in-home daycare provider would give me a receipt with her SSN. Most flexible spending administrators will have clear receipt guidelines. |
Anonymous
| File a qualifying life event form to reduce the amount of your FSA. If childcare is no longer available, it counts. |
Anonymous
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Look up the CARES Act. I think they're allowing you to get your contribution back. Ask your HR department.
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Anonymous
Correct - DCFSA can be adjusted due to CARES. Call FSA M-F between 9am-9pm. Good luck! |
Anonymous
| Not the OP but in similar situation. I have been able to stop the new contribution and the contribution I already put in before May may not get spent either. Also anyone knows whether virtual camp is deductible? |
Anonymous
| Yes - virtual summer camp can be claimed but not virtual classes. We reduced our dependent care amount earlier this week. |
Anonymous
| The frustrating thing about this is that we don't know when/if things are going to open back up. My kids will absolutely be back in daycare as soon as they be, but who knows when that will be. |
Anonymous
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I stopped my contributions last week. What I'd contributed so far is basically the exact amount for what i'd already submitted for SACC January-March so I am considering myself lucky. If things open back up I will either re-start the contributions or just lose the tax break this year.
My cap is only $1500 since I'm considered a highly compensated employee anyhow (for whatever reason the thresshold at my company is just over $100k). So the tax break is nice but not worth hassling with so I am fine to stop contributing for the rest of the year... not sure if we'll use it in 2021 either. |