Dependent Care FSA

A dependent care FSA is a flexible spending account that allows you to set aside pretax dollars for dependent care expenses that are necessary for you to work or look for work.

The money you put into a dependent care FSA is taken from your paycheck before taxes are deducted. When you use the account to pay for eligible dependent care expenses, you don't pay taxes on those withdrawals.

The IRS limits annual contributions to $5,000 on income tax returns for single or married filing jointly, and $2,500 for married filing separately.

You can use your dependent care FSA to pay for care for children under age 13 that you claim as dependents, as well as adults or other relatives that are incapable of caring for themselves (if you provide more than 50% of their support).

The easiest way to use your NueSynergy debit card to pay for eligible dependent care expenses. You can also use personal funds and then reimburse yourself with money from your account - either online through the NueSynergy member portal or via our NueSynergy mobile app. You'll need to provide receipts when you submit a claim for reimbursement.

Any unused funds that are in your account at the end of the year will be forfeited, which means you will lose that money.

Plan carefully so that you use all the money in your dependent care FSA by the end of the plan year.