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Do both parents have to work full-time to use a dependent care flexible spending account?
Wiki User
∙ 16y ago
If you are married, both parents have to work or one has to be a full time student. The amount that one can deduct for dependant care is limited to the lowest salary of each parent. If one parent doesn't work and isn't a student, the deduction would be 0 because the least salary would be 0. The amount that one can deduct if one parent is a student is based on the number of months that the person was in school.
Wiki User
∙ 16y ago
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Can you have an Flexible spending account if you are on Medicare?
yes
Is it possible to get an individual Flexible Spending Account FSA as an independent contractor 1099?
An independent contractor can get a Flexible Spending Account (FSA) if they meet the qualifications to have an FSA. They must be covered under a high deductible health insurance plan and have no other health coverage. They can not be enrolled in Medicare or be claimed as a dependent on anyone's taxes.
Is the cost of my spouse's insurance premium reimbursable through my flexible spending account?
Yeah, the cost simply reimbursable through your flexible spending account. I guess that that's just reality
Where does one learn more about the benefits of having a flexible spending account?
You can find out about the benefits of having a flexible spending account anywhere on the Internet. You can get good information on FinancialPlan. They tell you all the things about saving and budgeting.
Which type of health insurance plan has a use-it-or-lose-it feature?
flexible spending account
What can I spend with my flexible spending account?
You can only pay for medical expenses with your flexible spending account. You can pay for x-rays, prescriptions, doctors visits, hospital visits, and eye visits. Your company should have a list of all eligible expenses.
Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
Flexible spending account where does the leftover money go if you don't spend it?
The plan administrator gets it.
What is the cost of day care in NJ?
The national average is about $1,000 per month for full time care. You can lower your cost by using a dependent care flexible spending account. Pay with pre-tax, rather than after tax dollars.
How much does child care cost in Phoenix?
The national average is about $1,000 per month. It may differ in your area. You can lower your out-of-pocket costs by using a dependent care flexible spending account.
What banks offer flexible spending accounts?
Flexible spending account is one of the benefits offered by US Bank catering for one's healthcare payment. It is one way of reaping tax savings and helping individuals come up with smarter decisions to stay healthy.
Can you use a flexible spending account and claim the childcare tax credit?
Yes. The Flexible Spending Account is simply a before tax method of paying for medical expenses and it has no impact on unrelated tax items. Use of the FSA does prevent being able to also claim a medical expense deduction. The childcare tax credit is unrelated and can be claimed.
