DCFSA | Dependent Care Flexible Spending Account FSA for Military | With Brandon Lovingier, the Enlisted Money Guy #143

Dependent care flexible spending account- is it even worth your time? (note: this is different than the HEALTHCARE FSA which was announced in Sept 2024- we have an episode coming out on that in a few weeks) Open season is coming up in mid-November to mid-December!  For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call. We are publishing this episode now so you can think about it and prepare for open enrollment season coming up in mid November! A Dependent Care Flexible Spending Account (DCFSA) allows up to $5,000 of pre-tax earnings per household, per year for eligible dependent care expenses. If you have dependents, you're married, your spouse is working or going to school, and you have dependent care expenses, the DCFSA may be for you. Highlights of today include: Basics of the DCFSA and what it can be used for How to decide if it's right for you Amount of contributions allowed and how to use it each calendar year How to enroll during the open season or after a qualifying life event Comparison to the existing tax credits and other childcare program/subsidies What types of dependent care expenses would apply   Links: EnlistedMoney.com http://enlistedmoney.com/ Brandon's DCFSA article https://enlistedmoney.com/dependent-care-flexible-spending-account-dcfsa/ FSA Feds https://fsafeds.com/explore/dcfsa FSA Feds Calculator https://fsafeds.com/support/savingscalculators/dcfsa Financial Readiness (FINRED) Resources https://finred.usalearning.gov/DCFSA Find a Personal Financial Counselor for Free Near You https://finred.usalearning.gov/pfcMap EnlistedMoneyGuy on Instagram https://www.instagram.com/enlistedmoneyguy/ Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected]. If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.