Advanced Benefits - PSFT (MOSC)

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FSA Dependent Care Employee Deductions over $5000 taxable for State Taxes

in Advanced Benefits - PSFT (MOSC) 1 commentAnswered

Hi,

We are an employer in Wisconsin and were notified that employees that elected up to the $7,500 limit for dependent care FSA are not able to have the amounts above $5,000 excluded from their income for state tax purposes. They are only allowed to be excluded from federal taxes. Has Oracle release a patch or tax update to deal with the taxes for those that elected more than $5,000 for their dependent care FSA? We are trying to figure out how to make sure the deductions are reported correctly for tax purposes.

Thanks,

Alex

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