dependent care fsa rules 2021

For married couples filing joint tax. A qualifying relative is an adult dependent whom you can claim on your tax return.

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Emily an employee of Oak Co had 4500 deducted from her pay for the dependent care FSA.

. The act also increases the value of the dependent care tax credit for 2021. For an FSA this includes your adult children through the age of 26. An eligible dependent is defined as a spouse qualifying child or qualifying relative.

The fair market value of the on-site care was 700. The new dependent care FSA annual limits for pretax contributions are 10500 up from 5000 for single taxpayers and. Boxes 1 3.

Meanwhile the limit on contributions to dependent-care FSAs was expanded for 2021 through a separate piece of legislation that was signed into law in March. In addition Emily used the on-site dependent care several times. A letter of medical necessity is required for any expense listed as such on our Eligibility List and potentially others if your FSA administrator requires.

Emilys Form W-2 should report 5200 of dependent care assistance in box 10 4500 FSA plus 700 on-site dependent care.

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