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Administration Provided By: Diversified Group PO Box 299 Marlborough, CT 06447 8602950238 × 391 Toll free 8883222524Section 125 DEPENDENT CARE (CAP) Flexible Spending Reimbursement Request Form Rules

How to fill out section 125 dependent care

How to fill out section 125 dependent care

1. Step 1: Gather all necessary documents and information, including your employer's section 125 plan documents, employment identification number, and dependent care expenses.
2. Step 2: Review the section 125 plan documents to understand the eligibility criteria, enrollment periods, and contribution limits for dependent care.
3. Step 3: Determine your eligible dependent care expenses, such as daycare costs, after-school programs, or nanny fees, and calculate the estimated annual expenses.
4. Step 4: Complete the necessary enrollment forms provided by your employer, ensuring you provide accurate information about your dependents and anticipated dependent care expenses.
5. Step 5: Submit the completed forms to your employer within the specified enrollment period, typically during the open enrollment period or within 30 days of a qualifying life event.
6. Step 6: Review your paycheck deductions to ensure that the pre-tax contributions for dependent care are being deducted correctly.
7. Step 7: Keep track of your expenses throughout the year and maintain all necessary receipts and documentation for potential audits.
8. Step 8: Renew or update your section 125 dependent care enrollment during the annual open enrollment period or as required by your employer.
9. Step 9: Consult with a tax professional or review IRS guidelines to understand any additional tax benefits or rules related to dependent care expenses.

Who needs section 125 dependent care?

1. Employees who have dependent care expenses and want to lower their taxable income may benefit from section 125 dependent care.
2. Parents or legal guardians who pay for daycare, preschool, or other dependent care services for their children under the age of 13.
3. Individuals who support disabled dependents, such as elderly parents or relatives, and incur expenses for their care.
4. Employers may also offer section 125 dependent care as part of their employee benefits package to attract and retain talent.

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What is section 125 dependent care?

Section 125 dependent care allows employees to set aside pre-tax dollars to pay for eligible dependent care expenses.

Who is required to file section 125 dependent care?

Employers offering a Section 125 dependent care flexible spending account (FSA) are required to provide the opportunity for their employees to participate in the plan.

How to fill out section 125 dependent care?

Employees can enroll in a Section 125 dependent care FSA by electing to contribute a certain amount of their pre-tax income to the account during their employer's open enrollment period.

What is the purpose of section 125 dependent care?

The purpose of Section 125 dependent care is to help employees save money on eligible dependent care expenses by allowing them to use pre-tax dollars to pay for such expenses.

What information must be reported on section 125 dependent care?

Employees must report the amount of pre-tax contributions made to the dependent care FSA as well as any eligible dependent care expenses incurred during the plan year.