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Money and Finances
Reply to "Dependent care FSA"
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[quote=Anonymous][quote=Anonymous]You're right that you end up reducing your short term liquidity to save on 5k worth of tax-free childcare dollars later in the year. But presuambly your childcare costs more than 5k, so it's not like you're putting away double at a time. Like others have mentioned, I like to wait til a big amount accumulates in the FSA and transfer it over in a big chunk to one of our savings accounts.[/quote] This is not true unless you only use childcare at the end of the calendar year, since you can get reimbursed only after you've withheld the money and also spent that much on childcare. I use daycare year round and submit receipts monthly. About $200 is withheld per pay period. This $200 is paid out to me in about a week. Not much of a wait. If you want to save this you can have this money deposited straight in a separate savings account. No need to let someone else hold into your money interest free all year. [/quote]
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