BNY Mellon Benefits Guide
Dependent Care FSA Eligible Expenses
This account can be used for eligible daycare expenses for your eligible dependents if:
For purposes of Dependent Care FSA, your eligible dependents are:
- your children under age 13;
- a disabled spouse who lives with you for more than half of the year; and
- any other relative or household member who receives more than half of his or her support from you, resides in your home, is physically or mentally unable to care for himself or herself, and who is not the qualifying child of the employee or any other individual.
You are required to notify Human Resources that your family member no longer meets the definition of an eligible dependent by calling 1-800-947-4748, option 2, Monday through Friday, 8:30 a.m. to 8:00 p.m. Eastern Time.
Examples of eligible expenses include the cost of:
- daycare provided in your home, as long as the care provider is not a dependent under age 19;
- daycare provided outside your home, for example by a qualified daycare facility, day camp, preschool or before- or after-school program; and
- any other childcare or eldercare expense allowed by the IRS as a qualified expense.
See IRS Publication 503 (Child and Dependent Care Expenses), which is available on MySource or at www.irs.gov/Forms-&-Pubs.
The IRS limits the amount employers can exclude from an employee's income for dependent care assistance to $5,000 per year. This limitation applies both to your contributions to BNY Mellon's Dependent Care Flexible Spending Account and to the value of childcare services provided by BNY Mellon. The value of the childcare services you use through this program will be added to your contributions to the Dependent Care Flexible Spending Account to determine if you have exceeded the $5,000 limit. If so, the excess will be reported as wages and will be subject to income and payroll taxes.