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Level 1
posted Mar 18, 2020 3:18:41 PM

DCAP FSA account for 2020 due to Covid-19 Virus questions

I put 5500 into my DCAP FSA account for 2020 to prepare my kid starting daycare.

However due to Covid-19 virus issue, daycares near us are all closed, and we are kind of worried to put kids into daycare for 2020.

In this case, we may not be able to get the whole reimbursement out, is there a way to ask company change my DCAP enrollment in the middle of year, and stop put more money into this account?

 

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1 Replies
Level 15
Mar 18, 2020 3:49:25 PM

Not at this time. The IRS may address this eventually but they have a lot to deal with right now.  If you lose your job, that is a qualifying reason to stop the account. But changing your mind about daycare is not currently an approved reason. That may change but we won’t know anything probably for a long time.