A WageWorks® Dependent Care Flexible Spending Account (DCFSA) is a pre-tax benefit account used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare. A WageWorks Dependent Care FSA is a smart, simple way to save money while taking care of your loved ones so that you can continue to work.
Why enroll in a WageWorks Dependent Care FSA?
A Dependent Care FSA lets you pay for qualified out-of-pocket dependent care expenses on a pre-tax basis. The money you contribute to a Dependent Care FSA is not subject to payroll taxes, so you end up paying less in taxes and taking home more of your paycheck.
Use this calculator to see how much you can save with a Dependent Care FSA.
Your Estimated Tax Savings with a Dependent Care FSA
The IRS sets the annual contribution limits for Dependent Care FSAs. You can contribute to up to a maximum of:
Your maximum contribution may not exceed these earned income limitations:
A different limit may apply to you according to your employer’s plan.
You enroll in or renew your election in your Dependent Care FSA through your employer during your Open Enrollment period each year. Your human resources department or benefits administrator can tell you when employees in your organization can enroll in a Dependent Care FSA and help you get started.
A Dependent Care FSA is an annual account. As a rule, the money you contribute to your Healthcare FSA must be used within the plan year.
That’s why it’s important to estimate how much you spend on eligible dependent care expenses each year before you decide how much to contribute to your Dependent Care FSA. Any money left unspent in your Dependent Care FSA at plan year end is forfeited to your employer, unless your employer’s plan offers a grace period of up to 2½ months at the end of your plan year to spend down money left in your account.
Use this calculator to estimate your annual eligible expenses and determine an annual Dependent Care FSA election amount that’s right for you and your family. And read about circumstances that allow you to change your election amount during the plan year.
WageWorks makes saving simple. You decide how much to contribute to your Dependent Care FSA, and funds are withdrawn automatically from each paycheck for deposit into your account before taxes are deducted. As soon as your account is funded, you can use your balance to pay for many eligible dependent care expenses.
With a variety of convenient payment and reimbursement options, your WageWorks Dependent Care FSA makes it easy for you to pay for variety of eligible dependent care expenses, like preschool, summer day camp, before or after school programs, and child or elder daycare.
WageWorks makes it easy to manage your Dependent Care FSA. Log into the WageWorks secure web portal to manage all aspects of your WageWorks account:
The WageWorks mobile app puts the power of the WageWorks web portal in the palm of your hand. Download this handy app to your mobile device, log in to your account, and check balances, submit claims, view transactions, snap photos of receipts, get account alerts by text or email—all on the go! You can even have your dependent care provider sign receipts using your mobile device.