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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Putting day care costs in FSA prior to birth
My companies open time frame is now to put aside money in an fsa for daycare - the year runs from june 1st 2011 to may 31st 2012
i am defiently putting $3000 in for my son's daycare expenses - would you put more in for the twins i am expecting in Aug 2011.
They will have a nanny or start daycare January 2012 - i can put another $3000 in for them
what would you do - is it even possible to put money in before they were born
tia
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Posted 4/15/11 11:02 AM  |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Putting day care costs in FSA prior to birth
I would put it in now, since you are doing it for DS but, you can only put in $5k max.
Mine didn't take $$ out while I was on maternity leave but, I still got the maximum for the year.
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| Posted 4/15/11 11:26 AM |
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EricaAlt
LIF Adult
Member since 7/08 22665 total posts
Name:
Erica
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Re: Putting day care costs in FSA prior to birth
I'm confused?
You said they're going to have a nanny or they're going to daycare?
You can only do it for a certified daycare. I don't think you can for a nanny
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| Posted 4/15/11 11:30 AM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Putting day care costs in FSA prior to birth
Posted by EricaAlt
I'm confused?
You said they're going to have a nanny or they're going to daycare?
You can only do it for a certified daycare. I don't think you can for a nanny
If you use a nanny through a service you can.
If you pay someone off the books you can not.
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| Posted 4/15/11 11:32 AM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Putting day care costs in FSA prior to birth
Posted by annoyedTTCer
Posted by EricaAlt
I'm confused?
You said they're going to have a nanny or they're going to daycare?
You can only do it for a certified daycare. I don't think you can for a nanny
If you use a nanny through a service you can.
If you pay someone off the books you can not.
What she said.
You have to give them a FEIN (Tax ID #) for the provider. Nanny or day care.
$5K is the max (annoyingly so)
I would put in for all of it.
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| Posted 4/15/11 11:42 AM |
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Re: Putting day care costs in FSA prior to birth
If you didn't have DC's yet, when you have them that's a "life change" and should qualify to amend it then.
You don't know what will happen and if you decide to stay home or a grandparent decides to do it last minute you'll be out the money.
I'd wait.
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| Posted 4/15/11 11:57 AM |
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clwp
Love my girls!
Member since 10/06 2114 total posts
Name:
mommy
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Re: Putting day care costs in FSA prior to birth
I know my plan caps total FSA contribution at $5000 regardless of number of kids.
Also, I had a private nanny I hired. I totally submitted her pay as FSA and got money back. You just need her SSN instead of a TIN and pay her (at least partially) on the books. Nannies are absolutely reimbursable and you don't have to pay an agency. Your nanny can do a 1099 form at the end of the year.
ETA: With all the tax issues going on today, I would submit for the max. You can always use it toward your other child's daycare expenses which I'm sure exceed $3k.
Message edited 4/15/2011 12:08:07 PM.
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| Posted 4/15/11 12:05 PM |
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KNic19
Baby's First Christmas
Member since 7/09 3541 total posts
Name:
Kim
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Re: Putting day care costs in FSA prior to birth
DS was just born the end of March. Our FSA runs 1/1 - 12/31, so I switched over as of 1/1 to putting $5K in for DS' daycare.
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| Posted 4/15/11 12:15 PM |
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BeachMom
Love my 4 kiddos!
Member since 11/08 8346 total posts
Name:
Kristie
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Re: Putting day care costs in FSA prior to birth
As far as i know what you put in now can't go for your new LO's until their born. As soon as their born you put in for a life event and then you can contribute for them.
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| Posted 4/15/11 12:17 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Putting day care costs in FSA prior to birth
Posted by BeachMom
As far as i know what you put in now can't go for your new LO's until their born. As soon as their born you put in for a life event and then you can contribute for them.
Its a $5k max contribution, not $5k per kid so she can take out the max fore children 2/3 arrive
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| Posted 4/15/11 12:22 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Putting day care costs in FSA prior to birth
Posted by clwp
I know my plan caps total FSA contribution at $5000 regardless of number of kids.
Also, I had a private nanny I hired. I totally submitted her pay as FSA and got money back. You just need her SSN instead of a TIN and pay her (at least partially) on the books. Nannies are absolutely reimbursable and you don't have to pay an agency. Your nanny can do a 1099 form at the end of the year.
ETA: With all the tax issues going on today, I would submit for the max. You can always use it toward your other child's daycare expenses which I'm sure exceed $3k.
Nannies are reimbursable as long as not paid off the books, that was more my point since most non-agency folks like to be paid off the books
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| Posted 4/15/11 12:23 PM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: Putting day care costs in FSA prior to birth
Dependent care FSA caps @ $5k, no matter how many children you have.
You can certainly elect the full amount now, but I would also check with your company bc once you have the twins, I think you can change your election to increase the amount since it is a qualifying event outside of the normal enrollment period.
But then, you would have more money deducted from that period on from your paycheck.
If you want equal installments taken out now, elect the full amount.
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| Posted 4/15/11 12:27 PM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Putting day care costs in FSA prior to birth
Posted by BeachMom
As far as i know what you put in now can't go for your new LO's until their born. As soon as their born you put in for a life event and then you can contribute for them.
not correct. You can't use it until you Child is born. I was due in Feb. and I signed up the November before. DS didn't start daycare until June and by that time I had a good amount a money available. Didn't have to pay out of pocket until October. Put $5000 in now.
I have never met anyone who didn't use the entire $5000 for childcare. It just isn't possible.
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| Posted 4/15/11 12:56 PM |
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