Reply to OMG, just realized I forgot to claim our FSA dependent care funds for 2016

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Reply to "OMG, just realized I forgot to claim our FSA dependent care funds for 2016"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So what happens to unclaimed money? [/quote]

The companies that run this scam get to keep it.  That's how they make money.   The ideal way to do this would be to allow everyone with a child upto 14 years (or 18 or whatever) a deduction of $2500 for childcare.  No overheard, easy to prove, etc.  However, that's not how it's done.  Companies and their friends in congress/senate implement this scam/scheme where you deposit money with them and request it back.  If you don't ask for it back in time, you lose it![/quote]

I am sorry, but this isn't remotely a "scam."  The plans have clear rules and it is the IRS that requires funds to be expended and claimed in a particular time period.  It sucks that OP forgot and I agree her daycare should be able to give her more frequent receipts, but your moral outrage is entirely misplaced.[/quote]

Yeah, I don't get the scam thing. In fact I think at one point my plan actually distributed the forfeited funds to the remaining participants. It wasn't much but they definitely weren't keeping it. There isn't much the plans can do if people don't claim their money by the IRS deadline.[/quote]

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