|
flex spending for daycare
| Posted By |
Message |
LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
|
flex spending for daycare
can anyone offer any information about flex spending? i really know nothing about it.
tia!
|
Posted 1/27/13 8:10 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
|
flex spending for daycare
Works like the one for medical. Only only difference for us is that I can't draw against it until the money is there.
|
| Posted 1/27/13 8:18 PM |
| |
|
ali120206
2 Boys
Member since 7/06 17796 total posts
Name:
|
flex spending for daycare
I enroll for it during open enrollment. You are allowed to get up to $5,000 a year taken out of your pay pretax to put towards daycare.
Like pp said, you can't draw on it until its there unlike a traditionL flex spending.
|
| Posted 1/27/13 8:27 PM |
| |
|
LL514
LIF Adult
Member since 4/10 1901 total posts
Name:
|
Re: flex spending for daycare
i should clarify that i dont know anything about any type of flex spending :)
i was just trying to read up on it on the NYS FSA website.
so basically you can set aside up to $5000 per year pre-tax and it goes into a separate account?
then you have to submit a receipt for approval and then you get that money back?
if both my job and DH's job offer this, are we each allowed up to $5000??
|
| Posted 1/27/13 8:33 PM |
| |
|
MrsW326
LIF Adult
Member since 11/10 1132 total posts
Name:
|
Re: flex spending for daycare
Your allowed up to 5k between you and your dh not 5k each.
|
| Posted 1/27/13 9:19 PM |
| |
|
sleepie76
enjoying every minute
Member since 12/07 3881 total posts
Name:
|
Re: flex spending for daycare
Posted by LL514
i should clarify that i dont know anything about any type of flex spending :)
i was just trying to read up on it on the NYS FSA website.
so basically you can set aside up to $5000 per year pre-tax and it goes into a separate account?
then you have to submit a receipt for approval and then you get that money back?
if both my job and DH's job offer this, are we each allowed up to $5000??
yes - 5k total per family. Regardless of # of kids.
approx $100 comes out automatically of your check each week and goes into your FSA.
You fax over a recipt, they refund you back what you paid/what ever is available in your acct.
They take out the $, by tues/wed it's deposited back into my account. It reduces your taxable income by 5k.
FSA is $100 a week, but I pay $500 a week. So I send over one receipt and im good for 5 weeks.
|
| Posted 1/28/13 10:15 AM |
| |
|
Potentially Related Topics:
Currently 1646854 users on the LIFamilies.com Chat
|
