Tax Planning

Excess Contributions to Dependent Care Benefit Plan

3/5/2020

Note: The tax filing and payment deadline for 2019 tax returns has been delayed from April 15, 2020 to July 15, 2020.

Employers may have a Sec 129 dependent care benefits plan. If they do, up to $5,000 of the employee’s wages can be set aside to pay child and dependent care benefits. Those benefits will appear in box 10 of the employee’s W-2. The amount is not included in box 1 as wages nor is it included in box 3 (Social Security wages) and box 5 (Medicare wages).

For married couples, if both of the spouses’ employers have a Sec 129 plan, the spouses can each contribute $5,000 to their respective plan. Thus, the couple can shield $10,000 from Social Security and Medicare taxes withholding.

However, regardless of marital status the maximum that can be claimed on the Form 2441 is $5,000 and any amount in excess of the actual expenses must be included as wages on line 1 of the 1040 or 1040-SR. Thus, any excess will have escaped the Social Security and Medicare taxes but will still be subject to income tax.

Example: Joe and Susan both are employed by firms that have a Sec 129 dependent care benefits plan. They both contribute the maximum $5,000 to their plan. They have $6,000 of actual childcare expenses for the year. They both use the same expenses to apply for reimbursement from their dependent care benefits plans. When they complete Form 2441 they will end up with $4,000 of excess dependent care benefits which must be added back to wages on line 1 of the 1040 or 1040-SR. So, the $4,000 escaped being subject to the 6.2% Social Security withholding and 1.45% Medicare tax withholding. Thus, they saved $306 ($4,000 x (.062 + .0145).

As an aside, the employer saves on payroll taxes as well.

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Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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