Random thought. Is the 5k annual limit regardless of how many kids?
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Yes; unfortunately.
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@yoursilverlining: ugh. LAME.
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I think so.
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Can each parent get $5000?
Also, I understood that you can't sumbit the full amount for reimbursement until you've "earned" the full amount, but my husband disagrees. Does anyone know if this is variable by plan? I can't look it up myself because I don't have access to the company's HR site.
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@looch: yes, that's my understanding (and it isn't a plan restriction) that you can't request the funds until they are available.
And it is a family limit of $5,000.
But, if you have two children you can claim a portion of the child care tax credit ($3,000/child *2 = $6,000 - $5,000 dependent care flex = $1,000 to be claimed on the child care tax credit). $3,000 was the 2012 amount I'm not sure if that has changed for 2013 and forward.
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Yep!
@looch: My understanding is no. DH and I both have our own insurance, R is with me, and we were told we can't do it.
I submit my invoices each month. I get paid every other Friday, and every other Monday I get back what was just taken out. -
Yeah it's lame... We use that 5k up in a heartbeat!
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@locavore_mama: Yep.. sucks
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8 comments