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Old 11-14-2012, 11:11 AM   #16
Male pirate last time I checked... yep, still male
Tazicket will always be my sexy penguin
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You only get out what you have paid in, so if it is your first year, you won't get a reimbursement until after your first paycheck of the year, so you will possibly make a couple or three payemnts up front without receiving any reimbursement, and that reimbursement will likely not be for the same amount you paid out up front (ie: we pay $170 per week but the first reimbursement for $192 would be in the third week of January, so by that point we had paid $510 but got back only $192.) Of course, our daycare costs are in the neighborhood of $8840 per year, so of course you would never get back all that you are paying out, you are merely lowering your taxable income by that $5,000 and saving a lot on the subsequent taxes. Just be prepared for that first month feeling a little tighter than expected. Once you've been in the program, however, your final December payment will likely fall in the next January so it will feel "normal" the second year. Hope that made sense.
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Old 11-14-2012, 04:59 PM   #17
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Lets say your annual salary is 50k. You set up a dependant care flex account for 5k. Through payroll deductions, your employer sets aside 5k and you use that money to pay for childcare. At the end of the year, the IRS only taxes you on 45k salary, not your full 50k salary. That's a nice tax savings.
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