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WFCA Act of 2023

Source: Congress.gov  ·  1,013 words in original text
This bill allows workers to use dependent care FSAs (flexible spending accounts, which are accounts where workers set aside pre-tax money to pay for care expenses) to pay for more types of activities for their children and dependents. The bill also lets workers keep unused money in these accounts instead of losing it, and increases the maximum amount workers can set aside each year.
Workers who use dependent care FSAs. Employers who offer these accounts. Families with children and dependents under age 15.
• Workers can now use dependent care FSA money to pay for sports programs and instruction for their dependents (Sec. 2). • Workers can now use dependent care FSA money to pay for one-on-one tutoring or small group tutoring (groups of four students or fewer) for their dependents (Sec. 2). • Workers can now use dependent care FSA money to pay for music and art programs and instruction for their dependents (Sec. 2). • Dependent care FSA plans must automatically carry forward unused contributions of $20 or more to the next year instead of forfeiting the money (Sec. 4). • Workers can set aside up to $15,000 per year in dependent care FSAs, increased from $5,000 (Sec. 5).
Dependent care FSAs now cover sports, tutoring, and art expenses. Workers keep unused money in their accounts instead of losing it. The yearly contribution limit increases. Dependents can be covered under the program until age 15 instead of age 13.
Qualified sports expenses: Money paid for a dependent's participation in or instruction for physical exercise or physical activity programs. Qualified tutoring expenses: Money paid for a dependent's participation in virtual or in-person individual tutoring or small group tutoring (four or fewer students). Qualified art expenses: Money paid for a dependent's participation in or instruction for music or art programs.
Taxable years beginning after December 31, 2022.
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.