CoreSource administers the Flexible Spending Accounts (both medical and dependent care expenses) for St. Jude.
FSAs help pay for certain medical and dependent care expenses that are not covered by the medical, dental or vision plans. Examples of these types of expenses are co-pays, coinsurance and regular day care expenses for dependent children. FSAs provide tax advantages by letting you set aside pre-tax dollars to pay eligible expenses, so you do not pay Social Security taxes, federal or state income taxes on the money you contribute or are reimbursed.
The Dependent Care maximum annual contribution for St. Jude employees is $5,000 and the medical maximum amount is $2,500 in 2016.
If you do not use all the money you deposit in your accounts during the year, the IRS requires that you forfeit the remaining amount. Money deposited during the year cannot be carried over into the next calendar year.
Keep in mind that if you pay for dependent care expenses out of your flexible spending account, you may not claim the same expenses under the Federal Dependent Care Tax Credit, and that expenses reimbursed from your dependent care spending account will reduce your maximum tax credit. For more information on the Federal Dependent Care Tax Credit, see the Internal Revenue Service website at www.irs.gov or consult your personal tax advisor.
Under the Dependent Care Spending Account, eligible dependents include:
- Your dependent children under age 13, whom you can claim on your federal income tax return; and
- Your dependent children over age 13 or adults who depend on you for support, whom you can claim on your federal income tax return and who are physically or mentally unable to take care of themselves.
Flexible Spending Account (FSA) debit cards
Benny Cards make paying for medical and dependent care expenses a whole lot easier!
Enjoy fast, easy access to your saved pre-tax FSA dollars, which are automatically drawn from your account as purchases are made. The card will look like a MasterCard but may only be used for eligible items. You must still save receipts; however, you won’t have to submit forms and wait for a reimbursement check. Click here for a listing of eligible expenses.
|Health Care Spending Account||Dependent Care Spending Account|
|Examples of eligible expenses||
Amounts you pay as a deductible copay or coinsurance under the medical, dental, vision or any other qualifying benefit plan
|Examples of ineligible expenses||