Posts tagged Dependent Care Flexible Spending Account.
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One of the changes included in the American Rescue Plan Act of 2021 (the “Act”) is a temporary increase to the annual limit on pre-tax contributions to a dependent care flexible spending account (“DCFSA”) that can be excluded from income. For single taxpayers and married couples filing jointly, the limit increases to $10,500 (from $5,000) and for married individuals filing separately, the limit increases to $5,250 (from $2,500). This change is effective for plan years beginning after December 31, 2020 and before January 1, 2022.
Employers who intend to amend their DCFSAs to ...
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