Massive fail – lost $3200 – biggest financial mistake I’ve ever made
I got a new job in June and signed up for the all the benefits. They offer a dependent care FSA. I decided to put in an amount equal to my monthly childcare expenses of $450 a month.
Turns out that $5000 is the yearly max, so that is the amount I put in the yearly expenditure box. I guess some of my expenses won’t be tax deductible. No big deal, right?
Fast forward to January. I have done some reimbursements, but my balance is now at $3200.
I see the wording:
“Submit your claims by June 30, 2019 for eligible expenses that you’ve had through December 31, 2018, or you’ll lose your remaining 2018 money.”
I suddenly realized that HR had accelerated my pay schedule to about $400 per paycheck rather than $400 per month. So now I have $3200 in an account that I can’t use and it will expire in 3 months. FML.
Does anyone know a way to recover any of this money?