Dependent Care Flexible Spending Account

Dependent Care FSA funds can be used to pay for eligible expenses necessary for you to work or attend school full-time, including:

• Day care inside or outside your home for children under age 13, or any age, if disabled.

• Tuition for pre-school, day camp, or before- and after-school programs for children under age 13.

• Day care for a disabled dependent or parent who lives with you at least eight hours a day and who you claim on your income tax return.

FSAs come with these tax advantages*:

• Money GOES INTO your account before taxes.

• Money COMES OUT tax-free when spent on eligible expenses.

*Tax advantages described here are for federal income tax purposes only. State income tax treatment of contributions and earnings may vary. Check with your tax advisor for more information.

• Eligibility

  Mountaineers are eligible for a Dependent Care FSA; you don’t need to be enrolled in an Iron Mountain medical plan. If you’re married, both you and your spouse must either be working, a full-time student, actively looking for work or incapable of self-care.

• How it works

  Contribute

  Elect your contribution amount annually during Open Enrollment. You can only make changes during the year if you experience a qualifying life event.

  You can save up to $5,000^* if you and your spouse file taxes jointly (or $2,500 if you’re single or married but filing separately). The money will be deducted from your paychecks in equal amounts throughout the year before taxes are calculated. You lose any money left in your account at the end of the year.

  *If you are classified as a highly compensated employee (HCE), you can contribute up to an annual maximum of $1,700 for the Dependent Care FSA. The IRS defines highly compensated employees (HCEs) as individuals who earned $155,000 or more in 2024.

  Pay

  Use your Dependent Care FSA to pay for eligible child or elder care expenses. Remember to save any itemized receipts or Explanation of Benefits (EOBs) statements. Submit your claims online at inspirafinancial.com.

  Spend

  Funds can be used only for eligible child or elder care expenses incurred by March 15, but you have until March 31 to submit claims to Fidelity.

  For more information, contact Fidelity.