Dependent Care Flexible Spending Account
The Dependent Care Flexible Spending Account (DCFSA) lets you set aside before-tax dollars to pay for eligible nonmedical day care expenses. Your Spending Account (YSA) administers the plan.
|Contributions to your Account||
|Eligible Dependents||Use the DCFSA to put aside money on a before-tax basis to pay for eligible dependent care expenses for your eligible dependents, including:
If your domestic partner and/or domestic partner’s children qualify as your tax dependents, their expenses are eligible to be claimed under your DCFSA.
|Eligible Expenses||Use your DCFSA funds to pay for day care for a dependent child under age 14 or other dependent (such as an elderly parent) who is physically or mentally incapable of self support. IRS Publication 503 has a complete list of eligible and ineligible expenses.|
|Carry Over of Funds||You may not carry over a balance from one year to the next. Amounts that cannot be used for eligible expenses will be forfeited.|
Manage your DCFSA
Here’s how you can view and track your DCFSA and submit claims on YSA:
- Go to Workday, click My Benefits & Retirement application
- Select your network status (on or off the BMO network)
- Click Access Your Spending Account (YSA) tile
DCFSA & income tax credit
The IRS lets you claim work-related dependent care expenses for this credit on your income tax return. You can use the DCFSA and the tax credit, but you cannot claim the same expenses for both.
Consult with your tax specialist and review the