Her Voice September/October
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Money that remains unspent at the end of the benefit period will be lost. If the caregiver is married, both spouses must be earning an income in order to be eligible to establish one of these accounts. That rule doesn t apply if the non-earning spouse is either disabled or a student, however. There are two other important stipulations: the dependent you re caring for must be living in your house, and children must be 12 or younger. Signing Up Especially because of the use-it-or-lose-it rule, setting up an employer-sponsored DCFSA requires some planning. You ll want to make a realistic but conservative estimate of how much you ll need to pay qualifying expenses for a year. Commonly, employers will contract with a company like PayFlex or WageWorks to provide easy-to-use online tools to help you calculate how much you should put aside. The account will probably allow you to make direct payments to providers, give you access to online tracking of your balance and a debit card to use for eligible expenses. The DCFSA can be a valuable tool for those who have dependent-care responsibilities. by Kathy Greeneway Kathy Greeneway (voted the 2005, 2006 and 2007 People s Choice for Investment Broker by Press & Dakotan readers) is a Certified Financial Planner with Raymond James Financial Services, Inc. located at First Dakota National Bank, 225 Cedar St., Yankton, SD. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, an independent broker/dealer, and are not FDIC insured, not guaranteed by the bank, and are subject to risk and may lose value. Eligible Expenses under Dependent Care FSAs Dependent Care Flexible Spending Accounts can be used for a large variety of expenses employed persons may incur in caring for dependent children under age 13. You may also use the funds to benefit adults of any age if you claim them on your federal income tax return as dependents. Eligible services include: Before- and after-school care, Placement fees for a dependent care provider, such as an au pair, Childcare at a nursery school, day camp or by a private sitter, Care of an incapacitated adult who lives with you at least eight hours a day, Expenses for a housekeeper only when duties include caring for an eligible dependent, Late pick-up fees (from school or daycare, for example), Activities in lieu of day care when the fees associated with the activity are incidental to, or cannot be separated from, the cost of care (swimming lessons, arts and crafts, music lessons, etc.), and Summer or holiday day camps, including registration fees. Expenses not eligible for reimbursement by a DCFSA include: Field trips, clothing and food, Expenses for children aged 13 and older, Late payment fees, Transportation to and from the dependent care provider, Overnight camps, Education or tuition fees, and Advance payment for services not yet provided.* *Expenses may be reimbursed only after they have occurred. Look Better Feel Better Cosmetic Procedures Available Eyelid Surgery Botox & Restylane Injections Call to make an appointment for an aesthetic consultation. Greg A. Kouri, OD, Patrick H. King, MD, Paula A. Hicks, MD Call 665-9638 Today! 415 W. 3rd, Yankton, South Dakota HERVOICE SEPTEMBER/OCTOBER 2009 17 Willcockson Eye Associates, P.C.
- Willcockson Eye Associates, P.C.
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Money that remains unspent at the end of the benefit period will be lost. If the caregiver is married, both spouses must be earning an income in order to be eligible to establish one of these accounts. That rule doesn t apply if the non-earning spouse is either disabled or a student, however. There are two other important stipulations: the dependent you re caring for must be living in your house, and children must be 12 or younger. Signing Up Especially because of the use-it-or-lose-it rule, setting up an employer-sponsored DCFSA requires some planning. You ll want to make a realistic but conservative estimate of how much you ll need to pay qualifying expenses for a year. Commonly, employers will contract with a company like PayFlex or WageWorks to provide easy-to-use online tools to help you calculate how much you should put aside. The account will probably allow you to make direct payments to providers, give you access to online tracking of your balance and a debit card to use for eligible expenses. The DCFSA can be a valuable tool for those who have dependent-care responsibilities. by Kathy Greeneway Kathy Greeneway (voted the 2005, 2006 and 2007 People s Choice for Investment Broker by Press & Dakotan readers) is a Certified Financial Planner with Raymond James Financial Services, Inc. located at First Dakota National Bank, 225 Cedar St., Yankton, SD. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, an independent broker/dealer, and are not FDIC insured, not guaranteed by the bank, and are subject to risk and may lose value. Eligible Expenses under Dependent Care FSAs Dependent Care Flexible Spending Accounts can be used for a large variety of expenses employed persons may incur in caring for dependent children under age 13. You may also use the funds to benefit adults of any age if you claim them on your federal income tax return as dependents. Eligible services include: Before- and after-school care, Placement fees for a dependent care provider, such as an au pair, Childcare at a nursery school, day camp or by a private sitter, Care of an incapacitated adult who lives with you at least eight hours a day, Expenses for a housekeeper only when duties include caring for an eligible dependent, Late pick-up fees (from school or daycare, for example), Activities in lieu of day care when the fees associated with the activity are incidental to, or cannot be separated from, the cost of care (swimming lessons, arts and crafts, music lessons, etc.), and Summer or holiday day camps, including registration fees. Expenses not eligible for reimbursement by a DCFSA include: Field trips, clothing and food, Expenses for children aged 13 and older, Late payment fees, Transportation to and from the dependent care provider, Overnight camps, Education or tuition fees, and Advance payment for services not yet provided.* *Expenses may be reimbursed only after they have occurred. Look Better Feel Better Cosmetic Procedures Available Eyelid Surgery Botox & Restylane Injections Call to make an appointment for an aesthetic consultation. Greg A. Kouri, OD, Patrick H. King, MD, Paula A. Hicks, MD Call 665-9638 Today! 415 W. 3rd, Yankton, South Dakota HERVOICE SEPTEMBER/OCTOBER 2009 17 Willcockson Eye Associates, P.C.
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