Use this calculator to help you determine your dependent care contribution amount and potential savings for
the plan year. Keep the following in mind when estimating your expenses:
-
This is for dependent care costs for children under 13; elderly parents; spouse or other relative incapable of
self-care who spend at least 8 hours each day in your home.
-
Amounts you pay for dependent care while you are off work due to vacation, holidays, illness or injury are
ineligible expenses.
-
Your employer will deduct your pretax contributions from your paycheck (in equal amounts during the year)
and deposit into your dependent care FSA. This means your full contribution won’t be available at the
beginning of the plan year.
-
You may want to consult a tax professional to determine if a dependent care FSA or the deduction on your annual tax return is
the right choice for you and your family. For a general idea, use our tax credit calculator.
*Savings estimates assumes plan limits set by the IRS or your total expenses, whichever is less.
You should consult with your employer to determine the exact limits defined by your plan. For purposes of this
calculation, a savings of 21% is used to assume Federal, state and social security taxes avoided by making pretax contributions.
Please be advised that this calculation is only an estimate and is not tax advice. Be sure to
consult a tax advisor to determine actual savings you may achieve by making pretax contributions.
Actual tax savings depends on several variables, including state and local tax rates and your individual tax bracket.
Please contact your employer's benefits representative if you have questions about how your specific plan works.
Carefully plan your contribution. Remember with a dependent care FSA, unused funds may be forfeited
following the end of your plan year.
