Save money on dependent care expenses by using a tax-advantaged FSA. The money you contribute to this account comes from your paycheck before it is taxed, and you withdraw it tax-free when you pay for eligible child or elder care expenses. When you enroll in the Dependent Care FSA, your contributions are deducted from your paycheck on a pre-tax basis, so you pay less in taxes. Note that this account does not include a debit card; instead, you can use funds in your account to reimburse yourself for eligible dependent care expenses.
The minimum annual election for the Dependent Care FSA is $130. The maximum is $5,000 if your filing status is single, head of house, or married and filing jointly. If you’re married and you file taxes separately from your spouse, the maximum annual dependent care FSA election is $2,500.
This plan is subject to the Internal Revenue Code (IRC) non-discrimination testing. Highly compensated associates are not allowed to participate in Belk’s Dependent Care FSA. For 2022, associates who earned more than $130,000 in 2021 will be considered highly compensated.
You can only enroll in the Dependent Care FSA during Open Enrollment. Decide how much you want to contribute for the year, and Belk will make deductions from your paycheck, before taxes, in equal amounts throughout the benefit year. Remember that you must re-enroll for the FSA each benefit year.
Any unused funds remaining in your account at the end of the year will be forfeited. You have until March 31 to file for reimbursement of your qualified expenses from the previous year.