Dependent Care FSA
This Flexible Spending Account (FSA), administered by Stanley, Hunt, Dupree & Rhine, allows you to set aside money on a pre-tax basis to pay for qualified dependent care expenses (before- and after-school expenses). It is not used to reimburse yourself for a dependent's medical expenses.
Dependent Care FSA Specifics
Participation is voluntary.
Any benefits-eligible associate may enroll in the Dependent Care FSA.
You may contribute up to $5,000 per year to the Dependent Care FSA. However, under IRS rules, your contributions cannot exceed the lesser of your income or your spouse's income. If you are married and file taxes separately from your spouse, you are limited to $2,500 in contributions. In addition, if you contribute to a Dependent Care FSA through another employer this year, your combined contributions for the year may not exceed $5,000.
Your contributions are made on a pre-tax basis through payroll deduction.
Using Your Dependent Care FSA
You can only be reimbursed for the amount currently available in your account. Any balance from last year remaining in your account after March 31 will be forfeited in accordance with IRS regulations.
Use your BB&T Benefit Access Visa® Debit Card to pay for the expenses (you may only access up to the balance in your Dependent Care FSA at the time the expenses are incurred).
Pay by another method (cash, check), and then submit a completed Flexible Spending Account Claim Form for reimbursement. You will need to include the tax identification number or Social Security number of your dependent care provider, as well as documentation of your expenses.