DCFSA | Dependent Care Flexible Spending Account for Military | Possible $5,000 Tax Benefit | With Brandon Lovingier, the Enlisted Money Guy #143

The Military Money Manual Podcast

Dependent care flexible spending account- is it even worth your time? (note: this is different than the HEALTHCARE FSA which was announced in Sept 2024- we have an episode coming out on that in a few weeks)

Open season is coming up in mid-November to mid-December!

For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.

We are publishing this episode now so you can think about it and prepare for open enrollment season coming up in mid November!

A Dependent Care Flexible Spending Account (DCFSA) allows up to $5,000 of pre-tax earnings per household, per year for eligible dependent care expenses. If you have dependents, you're married, your spouse is working or going to school, and you have dependent care expenses, the DCFSA may be for you. Highlights of today include:

• Basics of the DCFSA and what it can be used for
• How to decide if it's right for you
• Amount of contributions allowed and how to use it each calendar year
• How to enroll during the open season or after a qualifying life event
• Comparison to the existing tax credits and other childcare program/subsidies
• What types of dependent care expenses would apply

Links:

• EnlistedMoney.com http://enlistedmoney.com/
• Brandon's DCFSA article https://enlistedmoney.com/dependent-care-flexible-spending-account-dcfsa/
• FSA Feds https://fsafeds.com/explore/dcfsa
• FSA Feds Calculator https://fsafeds.com/support/savingscalculators/dcfsa
• Financial Readiness (FINRED) Resources https://finred.usalearning.gov/DCFSA
• Find a Personal Financial Counselor for Free Near You https://finred.usalearning.gov/pfcMap
• EnlistedMoneyGuy on Instagram https://www.instagram.com/enlistedmoneyguy/

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If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [e-mail].

If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.

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