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Child and Dependent Care Expenses Credit: The Child and Dependent Care Expense Credit is now nonrefundable.
New mobile app eliminates paperwork for healthcare and dependent care pre-tax benefit accounts SAN MATEO, Calif.
For more information about the tax rules, see IRS Publication 503, Child and Dependent Care Expenses.
723 that would allow cafeteria plans of all sizes to offer long-term care insurance as an optional benefit; permit the carryover of unused flexible spending account funds; simplify and increase dependent care accounts; and curtail the "use it or lose it" rule, which causes employees to forfeit their own dollars to their employers when the dollars are not spent on health care or dependent care.
The bill also provides for: * The allowance of cafeteria plans of all sizes to offer optional long-term care insurance * Authorization to carry over unused flexible spending account funds * The right to simplify and increase dependent care accounts * Restriction of the "use it or lose it" rule that forces employees to lose the money they have not spent on health care or dependent care.
1, 2001, allowing employees to set aside up to $5,000 per year in pretax dollars to pay for eligible dependent care expenses.
In addition, pre-tax dependent care accounts are now available to employees of 49 states.
Create a safe harbor test for determining eligibility for the dependency exemption, head of household (HOH) status, earned income credit (EIC), child credit, and child and dependent care credit, permitting the custodial parent or guardian of a child to claim these tax benefits.