The Dependent Care Spending Account is part of NYU's Flexible Spending Account (FSA) Program. The Dependent Care FSA lets employees avoid paying taxes on the money they spend to cover qualified expenses for the care of a child or other dependent.
The Dependent Care Account can be used to pay for the care of a child or other dependent so that you and your spouse or registered partner can work. This includes the care of anyone you claim as a dependent on your income tax return.
Generally, you can contribute up to $5,000 each year to the Dependent Care FSA. When you are deciding how much to allocate to your FSA, please remember that any money left over at the end of the year will be forfeited, according to IRS rules.
For more information, visit the NYU Benefits Resource Center via NYU Home Work Tab or talk with a Benefits Specialist at (212) 998-1270.