Dependent Daycare Flexible Spending Account (FSA)
What to Know
The Dependent Daycare Flexible Spending Account (FSA) is a savings account that lets you set aside up to $5,000 on a pre-tax basis to use for eligible child care and elder care expenses, such as before- and after-school programs, day camp, and nanny care.
How It Works
All regular employees who work 20 or more hours per week are eligible for the Dependent Daycare FSA.
With the Dependent Daycare FSA, you can set aside tax-free money to pay for day care for your dependent children who are under the age of 13 or are incapable of self-care. Day care expenses must be necessary for you to work, or if you’re married, necessary for your spouse to either work or attend school full-time.
Setting Aside Funds
Setting aside funds in your Dependent Daycare FSA has a few rules, depending on your tax status:
Tax Status
Amount You Can Set Aside
Deadlines for Submitting Claims
It’s important to note that, like the Limited Purpose and Healthcare FSAs, funds in your Dependent Daycare FSA do not roll over from year to year. These accounts are “use it or lose it” accounts, which means your balance can be used toward eligible expenses incurred between January 1 and December 31. You have until the following April 15 to submit claims for reimbursement, after which your remaining balance will be forfeited.
How to Get Started
You must enroll or re-enroll in the Dependent Daycare FSA on DuPont Connection each year during Annual Enrollment.
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