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Dependent Day Care Estimator

You can save money on taxes with a Dependent Day Care Spending Account. Please note: Expenses reimbursed through the Dependent Day Care account are not eligible for the federal dependent care tax credit; you may want to consult your tax advisor. If you choose to contribute to the Dependent Day Care account, the following calculator helps you determine how much to set aside. You can contribute from $50 to $5,000 a year; $2,500 if you are married and filing separately. Important considerations:

Eligible Expenses: For care at a child care center, in-home care, nanny services, etc. that enables you to work; for a child under age 13 or older dependent (child, spouse, same-sex domestic partner/civil union, or parent) claimed on your tax return who spends at least eight hours a day in your home.

Ineligible Expenses: For care while you�re not working; any expenses if your spouse or same-sex domestic partner/civil union is not employed (or a full-time student or disabled); any care if you cannot report your care provider�s Social Security number or taxpayer ID number.

For more information on the Dependent Day Care Reimbursement Account, see the Reimbursement Account section of Benefit Details.

This estimator uses 2011 tax information.

Step 1: Estimate your eligible expenses

Monthly qualified dependent care expenses
Eligible dependent day care expenses each month	$
Number of months that these expenses apply	x
Non-periodic expenses
Non-periodic expenses (for example, summer day camp)	$

Step 2: Indicate your tax status

Federal income tax filing status

Standard deduction assumed based on filing status (Note: If you itemize deductions and want to override the standard deduction, click on this box and enter the itemized deduction you want to use.)	$
Number of exemptions assumed (Note: If you want to change the number of exemptions to match your tax return, click on this box and enter the appropriate number.)
Your annual pay	$
Additional taxable household income (For example, spouse's income, investments, etc.)	$

Step 3: Estimate your federal income tax savings


Ready to see your estimated tax savings? Click "Add it up!"

Estimated annual expenses (calculated)*	$
Total estimated federal income tax savings for 2011*	$

*Based on 2011 federal tax rates. Assumes that any contributions to the account would otherwise be included as taxable income to you, and taxed at your marginal tax rate. Also assumes that 7.65% FICA tax applies if your annual pay is less than $106,800 in 2011 otherwise, FICA tax savings are 1.45%.

Keep in mind

This tool is based on current tax laws, which are subject to change.
Estimates are provided for federal tax savings only.
Your own unique tax situation may result in tax savings different from those displayed.
This estimator in no way guarantees that any particular expenses will be eligible under the plan.
We encourage you to consult your personal tax advisor if you have any questions about the Dependent Day Care Reimbursement Account or the results obtained from this estimator.