Can I pay for child care before taxes?How much can I contribute?What is Woodbury contributing?
Plan Options: Dependent Care Flexible Spending Account
The Dependent Care Flexible Spending Account allows you to set aside pre-tax dollars to pay for qualifying out-of-pocket child or dependent care expenses allowing you to save 10% – 30%, depending on your personal tax rate. The plan administrator, National Benefits Services, will help you manage your accounts and claims processing.
(801) 532-4000 | nbsbenefits.com | Group ID: NBS275015
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Dependent Care Account |
If enrollment is not high enough to pass federal thresholds, this plan will not be administered for 2024.
DEPENDENT CARE ASSISTANCE PLAN
What would I use this account for?
Eligible dependent care expenses, including adult day care centers, babysitters or nannies, summer day camp, before & after school programs, and child day care.
Who is eligible for this account?
In order to be eligible for this account, you must meet one of the qualifying criteria:
- You and your spouse both work
- You are a single head of household
- Your spouse is disabled or a full-time student
- Employees with children under age 13 and anyone who is a dependent under IRS rules, or who is mentally or physically incapable of taking care of himself or herself
- Employees scheduled to work less than 30 hours per week are not eligible.
What is the maximum amount that I can put in this account?
$5,000 If you are single
$5,000 If you are married & filing jointly
$2,500 If you are married & filing separate tax returns
$5,000 If you are married & filing jointly
$2,500 If you are married & filing separate tax returns
What does the company contribute?
Woodbury Corporation does not contribute to this account.
When are the funds available?
Your contribution amount is available as it comes out of your paycheck each pay period — not at the beginning of the year.
How do I use the funds?
You can use this account to reimburse yourself for eligible dependent care expenses for children under age 13 or anyone who is a dependent under IRS rules.
What happens if I don’t use the money during the year?
Any unused funds at the end of the plan year are forfeited per IRS regulations. You must submit expenses by March 31, 2025.
This information is designed to help you choose a benefit plan for 2024 only. Please refer to the Plan Documents provided by the carrier for information regarding coverage, limitations, and exclusions. If there is a difference between this guide and the Plan Documents, the Plan Documents prevail.
