Check your flex spending accounts!

[ajwomic]

We have always had a medical flex account and as you may know, you lose money left in it if you do not use it. Well, yesterday my dh logged on to see what was left and noticed a tab for child care flex account. He clicked and it showed $1500 in it. Now, I honestly do not remember ever discussing putting $$ in a child care one even though I have a daughter in preschool, nor do I know how we have had $150 deducted for 9 months now without realizing it, but what I do know id I just charged $1325 for our upcoming trips tickets and airfare and when I totaled what I had paid on child care and can turn in immediately for reimbursement, it was $1330. Totally a God thing in my book. So check your pay stubs etc. If we had not caught it, we would have lost it at years end!
Alicia

 

[StephMK]

Wow, thank goodness he checked! I love it when things work out like that!

 

[LauralF22]

I tried soooo hard to not submit my claims for child care this year so that I could use that money to pay for my WDW trip, but alas, the bills kept on piling up and I caved.

I'm not entirely sure how it is possible that they opened a child care FSA for you unless you requested it (and signed for it) - but I'm glad you found the $$.

Enjoy the "free" trip!

 

[Green Tea]

Do you work outside the home? Preschool is only a covered expense if you are working or in school.

 

[NotUrsula]

I'd double-check with your HR dept. that they have the paperwork on fiile for you, and that the money did indeed come out of YOUR payroll account. It wouldn't be fun if it turned out that someone else's money had been accidentally deposited in your account, because you would probably have to give it all back.

 

[stitchlovestink]

Not sure how the plan for daycare expenses works.
but I DO know that each company's flex spending acct for medical is set up with its own rules/regulations. Such as ours, we have until March 31 of 2010 to spend money that we have put aside in 2009 and we have until June 30, 2010 to submit for reimbursement for monies spent between 1/1/09 and 3/31/10. I just submitted for reimbursement on 6/28/09 for monies spent in 2008. We do have to sign up each year. It is NOT an automatic reinrollment. It must be signed up for each and every year.
As previous poster stated, I'd double check to make sure it is definitely yours before filing a claim. But if it is, great job on the 'found' money!!

 

[ajwomic]

It is ours...on the payroll stubs it says cc flex $150 and way further down health fx. Since this is the first year we have had a credit card with it, I thought cc was credit card and not child care! The the heath one was mixed in between the insurance premiums and I never saw it. (There are like 12 lines of stuff coming out.) I do work part-time, so I assume that would count. I guess we signed up and forgot, but I sure do not remember. Part of the reason we did not notice is my dh got a stipend for and Dec for a class he taught, so the drop in Jan, I guess we just assumed it was from that.

 

[deva]

Do you work outside the home? Preschool is only a covered expense if you are working or in school.

Yes, make sure you know about the rules for reimbursement - there is definitely a difference between preschool and daycare.

 

[3boymthr]

It is different but it is covered so long as she was working while her child was in pre-school. I was able to deduct (no flex) DS' preschool from my taxes using the deduction formula - no problems. Make sure to save those receipts tho and check your state taxes because some states also allow pre-school as a deduction when you work.

 

[EnchantedPrincess]

How does that work? I had no idea that the flex account can be used for vacation?

 

[3BoysRDisneyFreaks]

How does that work? I had no idea that the flex account can be used for vacation?

You can't use it for vacation. She already had money paid out for child care, added up the receipts and submitted those for reimbursement. When she gets the check she will pay for her trip.

 

[amsyw]

How does that work? I had no idea that the flex account can be used for vacation?

She isnt "using" the flex account for vacation. She is submitting previous receipts from preschool to be reimbursed. She is then using that check to pay for her vacation.

The flex account is to reimburse your paid expense. Once you recieve that money you can do with it as you please. You are just paying yourself back.

We do the same thing. We have a flex account. I save up our medical bills and submit them. They are direct deposited into a savings account. I don't touch the money. When we go on vacation we use that money for souvies, gas etc.

 

[santa's surpriz]

My employer has a nice program, I send in an invoice in the beginning of the year for the entire year. So when the money is deducted from my pay, I am reimbursed day care expenses in two business days or less business each paycheck. This is great because it DRAMATICALLY reduces my taxable income and the blow of a smaller paycheck is not so obvious to my budget.

 

[dreamin_disney]

We have always had a medical flex account and as you may know, you lose money left in it if you do not use it. Well, yesterday my dh logged on to see what was left and noticed a tab for child care flex account. He clicked and it showed $1500 in it. Now, I honestly do not remember ever discussing putting $$ in a child care one even though I have a daughter in preschool, nor do I know how we have had $150 deducted for 9 months now without realizing it, but what I do know id I just charged $1325 for our upcoming trips tickets and airfare and when I totaled what I had paid on child care and can turn in immediately for reimbursement, it was $1330. Totally a God thing in my book. So check your pay stubs etc. If we had not caught it, we would have lost it at years end!
Alicia

i have on the medical acct and ion my payroll there was a letter saying on my next check i will be getting 97.00 back i forgot why exxactly why but i'm happy