Talk to your employer for the information on the FSA limitations and the ability to change the amount and when it can be done.
https://www.irs.gov/newsroom/irs-issues-guidance-on-taxability-of-dependent-care-assistance-programs...
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT
Regardless of which health plan you choose, you can elect a Dependent Care FSA. This account can be used for dependent child expenses up to the age of 13. Once your child reaches age 13, they are no longer eligible. This account is used to reimburse you for dependent care expenses, such as child day care, elder care, etc. The contribution limits for 2022 are:
- $5,000 per year per household
- $2,500 for married individuals filing a separate tax return
2022 IRS Changes Due to COVID-19:
Health Care FSAs – Employee may:
- FOR 2022 ONLY: Carry-over of ENTIRE 2021 BALANCE into 2022 if enrolled for 2022
Dependent Care (Child Care) FSAs – Employee may:
- FOR 2022 ONLY: Use funds for dependents up to age 14 (previously 13)
- FOR 2022 ONLY: Carry-over of ENTIRE 2021 BALANCE into 2022 if enrolled for 2022
*Employee MUST ELECT THE FSA FOR 2022 IN ORDER TO RECEIVE THE 2021 CARRY-OVER*
https://hr.psu.edu/2022-flexible-spending-accounts
