Flexible Spending Account – Dependent Care Calculator

Enter your expected dependent care expenses for the year ahead. Estimate your expenses carefully. Due to the IRS “use it or lose it” rule, you will forfeit any money remaining in your 2014 Dependent Care FSAs after December 31, 2014, if you have not filed a claim for it by March 31, 2015.

Also, keep in mind that you may be eligible to take advantage of the federal tax credit for child and dependent care as an alternative to using the Dependent Care FSA. You may wish to consult a tax advisor to determine whether the federal tax credit or Dependent Care FSA is best for you.

Please enter amounts in whole dollars (no decimal points, commas, or dollar signs).

Types of Expenses
Annual Projected Cost
Baby-sitters in your home $
Baby-sitters outside your home $
Licensed day-care centers $
Preschools/nursery schools $
Summer day camps $
Care providers for qualified adults $

Income Tax Filing Information (to help estimate your tax savings)
Filing status (required field) Number of dependents
Do not include yourself or your spouse.
Total annual income
Enter estimated income for 2014 from all sources you would include on your tax form, including wages, bonus, investment income, etc. Include income for your spouse if your filing status is "Married (joint)."

$

Click Calculate/Recalculate to determine the following:

Your Results
Total projected expenses $
Suggested contribution amount based on total projected expenses (maximum contribution is $5,000; $2,500 if married and filing separately) $
Potential federal income tax savings $
Potential FICA tax savings $
Total tax savings
Depending on where you live/work, you may also have state tax savings.
$

form and enter new projected amounts. To modify a current scenario, simply adjust the numbers above and click the Calculate/Recalculate button.

Note: This worksheet is an estimating tool only. Estimate your expenses carefully. You cannot change your contribution amount after enrollment ends, unless you experience a qualified status change. Using this tool does not enroll you in the Dependent Care FSA.