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  1. #11
    Join Date
    Jun 2005
    Posts
    1,424

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    Another question - can I contribute $5k per year and then my DH contribute another $5k, or is the max $5k for the both of us? TIA!
    Last edited by wildcat; 11-02-2005 at 12:29 PM.
    Married ~ 9/14/02
    Lauren ~ 9/27/05 ~ 7lb 13oz
    Mason ~ 9/8/09 ~ 8lb 10oz

  2. #12
    Join Date
    Jun 2005
    Location
    NC
    Posts
    1,500

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    RileyMom - your system sounds great, but I think our is the one where you have to submit the receipts each month.
    Michelle and Phillip - May 16, 2004
    Rachel Elizabeth - August 18, 2005
    Life with Miss Rachel

  3. #13
    Join Date
    Jun 2005
    Location
    ME
    Posts
    762

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    Quote Originally Posted by wildcat
    Another question - can I contribute $5k per year and then my DH contribute another $5k, or is the max $5k for the both of us? TIA!
    Unfortuantely, 5k is the max per household.
    Loving my two sweet girls!!
    Riley Morgan 7/14/03
    Bridget Lynn 12/6/06

  4. #14
    Join Date
    Jul 2005
    Posts
    209

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    LOVE the Flex Spending Account. Our daycare costs exceed $16,000/year, so this was a no brainer for us. I fill out a form monthly and request reimbursement. After four months of filling out the form, I have requested all of the 5K. Reimbursement is automatically deposited into my checking account every other week throughout the year. It's so simple!
    "I'm not home, but my shoes are. Leave them a message." - Carrie (SATC)

  5. #15
    Join Date
    Jun 2005
    Location
    NY
    Posts
    4,036

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    wow I was just looking this up since my open enrollment begins soon

    Question though-what if your daycare provider doesn't pay taxes on this money-I have a private nanny that I pay in cash
    Allyson and Brad 11/23/02
    Aiden Harrison 6/10/05

  6. #16
    Join Date
    Jun 2005
    Posts
    3,508

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    Ally, I hate to say, but if you're paying with cash, you're probably not eligible for reimbursement.

  7. #17
    Join Date
    Jun 2005
    Posts
    610

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    Allyson,

    You will have to provide her social security number in order to set up the account, which I doubt she will provide if you are paying her under the table.

    You will both be in trouble if you provide her social security number and the IRS learns you aren't withholding (FICA taxes, etc.) and she is not reporting her income.

  8. #18
    Join Date
    Jun 2005
    Posts
    5,750

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    Quote Originally Posted by ardathpaige
    You also can use it before you actually put the money in the account.
    Not so with the Dependent Care FSA, only with the Health Care FSA.

    ETA: Oops! Pixiecat already went over that!

    Di
    You think you've done your journey
    Then you stumble and find that there's such a long way to go

  9. #19
    Join Date
    Jun 2005
    Posts
    496

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    I pay my nanny above board and use the flex account, I do have to pay some taxes and other stuff, but we both wanted it that way. Overall it does not end up saving me that much by the time I pay her taxes, but still saves some.

    It is something to remember that your first few paychecks will be less and you will have to wait to recieve the money back - however it is a great savings overall.
    Hailey Morgan 8-6-2003
    Logan Danielle 5-25-2007
    Sugar and Spice and everything nice - two little girls!

  10. #20
    Join Date
    Jun 2005
    Location
    NY
    Posts
    4,036

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    yeah that is what I thought-ah well!
    Allyson and Brad 11/23/02
    Aiden Harrison 6/10/05

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