Learn how to use and manage your Dependent Care Flexible Spending Account.
Dependent Care Flexible Spending Account (DCFSA)
What is a Dependent Care FSA?
A Dependent Care Flexible Spending Account (FSA) is an employer-sponsored reimbursement arrangement that allows you to set aside pre-tax money on an annual basis to pay for qualified dependent care expenses. You can be reimbursed for eligible expenses incurred during the benefit year or shortly thereafter, if your employer chooses. Simply determine the amount you would like to contribute for such expenses for the coming year. A prorated portion of this annual amount is automatically deducted from your paycheck each pay period and allocated to a Dependent Care FSA established on your behalf. You may receive reimbursement for qualified expenses up to the account balance at the time you submit your request.
Use the Dependent Care FSA to pay for
Child care expenses:
- After School Care
- Summer Day Camps
Adult care expenses
Dependent Care FSA Savings Calculator
|Expense Category||Estimated Annual Expense|
|After School Care||$||Invalid format.|
|Summer Day Camps||$||Invalid format.|
|Adult Care||$||Invalid format.|
|Dependent Care FSA Annual Election Amount||$||Invalid format.|
|Tax Rate (sum of federal, state and 7.5% FICA tax rates)||% Invalid format.|
Important note about this calculator
The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. Bank of America and its affiliates are not tax or legal advisers. This calculator is not intended to offer any tax, legal or financial advice, nor does it predict or guarantee the actual results of any product.