The Dependent Day Care Flexible Spending Account (FSA) allows you to contribute money on a pretax basis (reducing your taxable income) and then get reimbursed from your account when you pay for child or elder day care expenses of legal dependents. Qualified expenses include licensed day care center or after-school care for children up to age 13, and care for elderly and/or disabled adults who qualify as tax dependents.
Note: The Dependent Day Care FSA cannot be used for dependent health care expenses.
You may contribute $100 to $5,000 of your pretax salary to the Dependent Day Care FSA. Under federal rules, you may contribute up to $5,000 per calendar year per family. If you're married and filing separately, the maximum is $2,500.
The Synopsys FSA plan is administered by WageWorks.
- Go to Benefitsolver:
- From work: Visit the Benefits SharePoint webpage and click on "Benefitsolver."
- From home: Log in to Benefitsolver with your Benefitsolver username and password. If this is your first time using the portal, select “First Time Here” and register as a new user. Company key is "Synopsys."
- Refer to "WageWorks" in your homepage sidebar.
There are two ways to submit claims for reimbursement:
Visit Benefitsolver. Refer to "WageWorks" in your homepage sidebar to access your FSA. From your FSA page, go to “Online Claims Submission” and follow instructions from there.
Complete a Dependent Day Care FSA claim form available in the Forms section, and fax or mail your signed claim form with your receipts:
- Fax your claim: (866) 643-2219
- Mail your claim: WageWorks Spending Accounts, P.O. Box 34740, Louisville, KY 40232
If you provide your email address on the claim form, you will receive notification when your claim has been processed. You can receive reimbursements by check or direct deposit. Direct deposit is the fastest way to receive reimbursement. To sign up, click the "Direct Deposit” link from your FSA home page.
You can incur current plan-year expenses until the last day of February of the following year. (A plan year runs from January 1 to December 31.) Additionally, you have three months following the plan year to submit your reimbursement claims. This means that the deadline to submit receipts for the prior plan year is March 31. (Example: You can incur 2019 FSA expenses up to February 28, 2020. All claims for your 2019 FSA must be submitted by March 31, 2020.)
The use-it-or-lose-it rule applies if you do not use all of the money in your account by the end of the two-month grace period following the plan year. The rule also applies if your employment terminates prior to the end of the plan year and you do not have eligible expenses incurred prior to your termination date to claim for reimbursement. When your employment terminates, you have the option to elect to continue the Dependent Day Care FSA through COBRA to the end of the plan year to allow you additional time to incur eligible expenses and receive reimbursement.
For detailed summaries and legal disclosures, visit the Legal Notices page.