However, you can get credit for child and dependent care expenses based on your taxable incomes (FORM 2441).
Important Note: You will FORFEIT any money that you do not use in your account(s) by the end of the Benefit Period. This is known as the “use or lose” rule. The Grace Period provides you with an additional 2 ½ months (January 1 to March 15) to incur expenses against your prior year's account. You have until midnight Eastern Time on April 30 following the end of the Benefit Period to file claims for reimbursement for eligible expenses incurred during the previous Benefit Period.
1. If I didn't use all the money allotted to my dependent care FSA during the year, can I get the money refunded to me?
No, the IRS specifically prohibits this. Participants have until March 15 of the following year to incur eligible expenses and money remaining in your account after that date will be forfeited. You will forfeit any money not claimed by midnight Eastern Time on April 30 following the end of the Benefit Period. This is the major reason employees need to be conservative in their estimate of how much money to allocate to an FSA.
2. Can my company provide a waiver for me to recoup any funds remaining in my flexible spending account?
No. Your company does not have the authority to provide waivers for you or any employee regarding funds that may be forfeited. Getting reimbursed for monies remaining in your FSAs after the Benefit Period ends is considered deferred compensation and therefore expressly prohibited by IRC Section 125.
3. What happens to the forfeited money?
The forfeited funds are set aside to offset future administrative costs incurred by SHPS for administering the program.
Important Note: You will FORFEIT any money that you do not use in your account(s) by the end of the Benefit Period. This is known as the “use or lose” rule. The Grace Period provides you with an additional 2 ½ months (January 1 to March 15) to incur expenses against your prior year's account. You have until midnight Eastern Time on April 30 following the end of the Benefit Period to file claims for reimbursement for eligible expenses incurred during the previous Benefit Period.
1. If I didn't use all the money allotted to my dependent care FSA during the year, can I get the money refunded to me?
No, the IRS specifically prohibits this. Participants have until March 15 of the following year to incur eligible expenses and money remaining in your account after that date will be forfeited. You will forfeit any money not claimed by midnight Eastern Time on April 30 following the end of the Benefit Period. This is the major reason employees need to be conservative in their estimate of how much money to allocate to an FSA.
2. Can my company provide a waiver for me to recoup any funds remaining in my flexible spending account?
No. Your company does not have the authority to provide waivers for you or any employee regarding funds that may be forfeited. Getting reimbursed for monies remaining in your FSAs after the Benefit Period ends is considered deferred compensation and therefore expressly prohibited by IRC Section 125.
3. What happens to the forfeited money?
The forfeited funds are set aside to offset future administrative costs incurred by SHPS for administering the program.
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