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Only if you claim your grandchild as your tax dependent. Consult a tax professional before making this decision.
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No. Your employing agency covers the administrative cost, so you can enroll for free.
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Neither is the case. Health care flexible spending accounts and dependent care flexible spending accounts are use-or-lose accounts. The IRS requires the money you set aside as a salary deduction be spent during a specific benefit period. You have until the end of the benefit period to incur expenses for the balance in your account. After the end of the benefit period and after the deadline for submission of claims, all money not spent or reimbursed is forfeited. You are not refunded the remaining balance and it does not roll over.
However, there are ways to reduce your risk. FSAFEDS gives you until March 15 of the following year, or 14 and a half months, to incur eligible expenses. Similarly, you have until April 30, or 16 months since the start of the benefit period, to submit your claims. If you calculate your eligible expenses carefully and contribute conservatively, you are less likely to have unspent health care flexible spending accountor dependent care flexible spending account dollars.
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The dependent care flexible spending account maximum annual election is $5,000.00 per household or $2,500.00 if married, filing separately. One of you can elect $5,000 and the other can make no election. Or, each of you can elect $2,500 or any combination as long as the household’s total election no more than $5,000.
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If your FEHB health plan does not participate in paperless reimbursement, youmust submit claims manually to FSAFEDS through mail, fax, or email.
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Yes, you can enroll in FSAFEDS in your name if you are a Federal employee and your agency participates in FSAFEDS. Even though your husband is retiring, you can enroll in FSAFEDS and it will cover eligible expenses incurred by both you and your spouse. However, as a Federal retiree, your husbandwill not be able to enroll in FSAFEDS in his own right. Annuities are not considered income so IRS law makes annuitants ineligible for FSAFEDS.
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No, you do not have to inform your FEHB health plan. FSAFEDS will notify your FEHB health plan if your FEHB health plan participates in paperless reimbursement.
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Yes, if you enroll during the Open Season, your health care flexible spending account will reimburse you for eligible expenses incurred January 1 of next year to March 15 of the following year
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No, transportation to and from daycare is not an eligible expense, no matter your child’s age.
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