Full-time faculty and staff may elect to participate in a Dependent Care Personal Spending Account. If you pay someone to care for your child or parent so that you can work, this plan provides an easy way to save on your federal income taxes.
If you choose to participate, you must decide at the beginning of the plan year (July 1st) how much you will spend on Dependent Care. The amount you elect is deducted in equal amounts from each paycheck during that plan year. The deduction is taken before your income taxes are withheld, so you are not taxed on those funds and you do not have to itemize deductions at the end of the year. The IRS allows you to set aside $5,000 per year (per family) for this benefit.
Click here to learn more about this benefit. Once you are enrolled you can file your expenses using Health Equity's member portal or mobile app.