Does anyone here use their FSA for dependent care ? How do you maximize benefits and minimize waste ?

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I assume you’re referring to the dependent care FSA which is separate from a normal FSA. It’s pretty simple, you can have $5k deducted from your paycheck before taxes which can be used for child care. You can either pay your provider directly from the account or reimburse yourself. You lose the money if you don’t use it in the calendar year, but that shouldn’t be a problem if your expenses are greater than $5k.

Agree with G1. Since the limit is 5k, if your kid is in any kind of daycare setting you should pretty easily hit it. My wife and I max ours and it’s never an issue. We just cash it out once or twice a year.

You can cash it out ? I thought limit was $10K since COVID

Also, do you contribute monthly or just put a big chunk in at the beginning of the year ?

Yeah, but I guess my confusion is; if pay in $500 on December 15th because your employers only allows monthly payments.. is that money lost ?

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