CVS Dependent Care Flexible Spending Account

[MSerforfun]

Hi. I have some funds in my Dependent Care Spending Account that i was unable to use due to school closure during COVID. I saw something out there in which the IRS allows rolling forward those amounts to the subsequent plan year (typically flexible spending accounts are use it or lose it in any given plan year).

I was wondering if anyone has information if CVS allows rolling forward those amounts into the subsequent year?

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[mentos]

Hi. I have some funds in my Dependent Care Spending Account that i was unable to use due to school closure during COVID. I saw something out there in which the IRS allows rolling forward those amounts to the subsequent plan year (typically flexible spending accounts are use it or lose it in any given plan year).

I was wondering if anyone has information if CVS allows rolling forward those amounts into the subsequent year?

IDK but can you just say you paid a nanny and reimburse yourself? I may or may not have done that in the past... We did pay our niece cash to watch our kid but she wasn't an official employee or anything. We took our kid out of daycare and that's how I took out the excess funds.

 

[Dred Pirate]

The CAA does allow it - I think your company HAS to allow you to roll forward, and it also allows you to increase it this year up to $10,500 (one time basis) - but it is up to the company if they will allow the increase - luckily my wife's did.