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Benefits Plan Year and Dependent Care Dollars
Our company's benefits plan year starts on May 1 each year, rather than using the traditional calendar year like many companies. Are dependent care dollars I elect considered usable during the 1-year span of our plan year, or the calendar year?
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Inappropriate?Great question. Dependent care dollars that are withheld from your pay must not exceed $5,000 in a given calendar year and your total reimbursement through your Dependent care account must not exceed $5,000 in a given calendar year.
You may use the funds at any point during your plan year but be careful to not exceed the $5,000 limit on a calendar year basis (this usually takes some careful planning when making your elections and when getting reimbursed for expenses).
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