New Jersey Nesties
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

Daycare FSA question

If you and your husband both have the option of a daycare FSA are you both able to set aside the max ($5k) for a total of $10k in pre-tax dollars? 

Re: Daycare FSA question

  • No, it's $5k per family.
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  • My financial advisor told us we could each contribute $5K
  • imagejess_and_paul:
    My financial advisor told us we could each contribute $5K

    Your financial advisor is wrong. See below.

    "The dependent care FSA is federally capped at $5,000 per year, per household. Married spouses can each elect an FSA, but their total combined elections cannot exceed $5,000. At tax time, all withdrawals in excess of $5,000 are taxed."

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  • 5K per family - no doubt about it... otherwise I'd have 10K in there for usre.
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  • imagerdgove:

    imagejess_and_paul:
    My financial advisor told us we could each contribute $5K

    Your financial advisor is wrong. See below.

    "The dependent care FSA is federally capped at $5,000 per year, per household. Married spouses can each elect an FSA, but their total combined elections cannot exceed $5,000. At tax time, all withdrawals in excess of $5,000 are taxed."

    Wow! Good to know! 
  • unfortunately no. we'd  be set if we could
  • Well crap. I knew it was too good to be true that we could pay for daycare totally tax free. Oh well. Thanks ladies!
  • I wish!  I also wish they took ino consideration that daycare is more in certain regions of the country.  One size fits all :(
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