We are allowed to turn off our dependent care contributions if we wish and it sounds like we can turn them back on later if we choose. Right now I’ve been reimbursed for everything I’ve submitted, about 2000. Should I/would you turn this off for now seeing as how everything is so up in the air or assume we’ll be going back to daycare at some point? I don’t want to lose out on $3000 but I’m just so torn on what to do
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I found out that I can pay my allocated dependent care money to a babysitter and be reimbursed. If I wasn't planning to have a babysitter, then I'd stop the dependent care payments.
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I stopped mine. There’s no way we’ll meet the max this year with a school-age kid who is no longer in aftercare and likely won’t be attending camps. I’m bummed to miss out on the tax savings, but oh well.
If you end up restarting your contributions, you should be able to specify the amount so you can spread your remaining $3k over however many paychecks are left in the year. It would mean a much bigger chunk of money being deducted from each check, so you’d have to plan for it, but it should be possible.
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@PurplePeony: @macintosh: thanks. We aren’t using a babysitter so i think I will stop them for now and can reevaluate as we go forward.
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We discontinued. I'd rather lose out on tax benefits rather than actual full money.
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@DesertDreams88: ok that’s what I was worried about too, like I end up with $1000 in there thay we can’t access
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I also think you should turn them off for now. With 2 kids in full time daycare we had already spent $5k before the shut down so I am just waiting for them to reopen next week so I can get the receipts to submit for reimbursement.
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6 comments