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Deductions & credits
Yes, that is why it is important every year to review how much you have put into the Dependent Care FSA.
HOWEVER, your employer is allowed by the IRS to let you carry over unused funds until March 15th (i.e. next month) or $550, according your plan's documents. You have to ask to find out.
AND, the Treasury Department has created some new rules just for this year that increase your flexibility in your Dependent Care FSA.
Please contact your HR department NOW and ask them to review the IRS Notices listed at this IRS article, and ask them if the company has made any arrangements to help employees in this situation.
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‎February 17, 2021
1:29 PM