Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #1  
Old 09-17-2006, 10:19 AM
wcontrata@inphi-corp.com
Guest
 
Posts: n/a
Default Re: Possible to Transfer Funds from FSA Dependent Care Account to

Joe,

Many thanks for your reply.

What discretion does our HR dept. have in this matter? What
IRS publication or other document regulates their actions?
I would like to prepare before talking to HR.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 
Old 09-16-2006, 03:01 AM
joetaxpayer
Guest
 
Posts: n/a
Default Re: Possible to Transfer Funds from FSA Dependent Care Account to

wcontrata[at]inphi-corp.com wrote:

- quote -

> Is it possible to transfer funds from Flexible Spending
> Account (FSA) for Dependent Care to an FSA for Health Care?
> This year I elected to deposit $5000 in my dependent care
> FSA, thinking that the funds would be available for the
> health care of my dependents. As that is not possible, I
> want to petition the provider to move the funds to my Health
> Care FSA.
> I can show that I never had any intention of using these
> funds for day care or the like. (In other words, that I
> have done a very foolish thing.) My children's ages are 11
> to 17, and do not require day care. My wife needs no care.
> I have no other dependents. Furthermore, planned to be a
> full time house-wife this year.
> I can show that my intent was to use the funds to pay for my
> son's braces, which we have been planning for over a year.
> Do you see any way to move the funds from Dependent Care to
> Health Care? Any other ethical method of avoiding loss?


A DCA may only be used if both parents are working or
activly looking for a job. You did make a mistake. There
are limmited chances to undo this, but you need to go
straight to your HR to see if they can help you. If they say
'no', you have little recourse, I'm sorry to say.

JOE

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #-1  
Old 09-15-2006, 07:24 PM
wcontrata@inphi-corp.com
Guest
 
Posts: n/a
Default Possible to Transfer Funds from FSA Dependent Care Account to Health Care Account?

Is it possible to transfer funds from Flexible Spending
Account (FSA) for Dependent Care to an FSA for Health Care?

This year I elected to deposit $5000 in my dependent care
FSA, thinking that the funds would be available for the
health care of my dependents. As that is not possible, I
want to petition the provider to move the funds to my Health
Care FSA.

I can show that I never had any intention of using these
funds for day care or the like. (In other words, that I
have done a very foolish thing.) My children's ages are 11
to 17, and do not require day care. My wife needs no care.
I have no other dependents. Furthermore, planned to be a
full time house-wife this year.

I can show that my intent was to use the funds to pay for my
son's braces, which we have been planning for over a year.

Do you see any way to move the funds from Dependent Care to
Health Care? Any other ethical method of avoiding loss?

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 

Tags
account, care, dependent, fsa, funds, health, transfer
Similar Threads
Thread Forum Replies Last Post
Dealing with surprise restriction on dependent care account
Ed Roberts Jr: I recently started a new job that offered a benefit I have not had before: flexible spending accounts for dependent care. The brochure said it...
Taxes 5 04-27-2006 04:09 AM
dependent care benefits and credit for child and dependent care expenses
Tobi: I put $3500 in a flexible spending account for daycare expenses, which reduced my income. If I fill out form 2441 I find that I can not claim the...
Taxes 2 03-13-2006 06:37 PM
Dependent Care Account versus irs pub 503
amyl@paxemail.com: I am a full time student and my husband works. We put our child in daycare on the days I am at school. At the end of the year the tax preparer...
Taxes 1 10-08-2005 05:12 AM
Health Care Reimbursement Account
Phil: My wife and I both have access to Health Care Reimbursement accounts thru our employer cafeteria plans. Both have dollar limitations of $3,000...
Taxes 1 11-09-2003 05:43 AM



Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT. The time now is 02:01 PM.