Something that I learned today & it wasn't explained to me as such, I thought I'd share it with all of you, too. Just in case you didn't already know. I elected to do this to try to save on taxes.
When you elect to have your child care pulled from your wages before taxes (to save on taxes), you can't get that amount reimbursed to you before you pay it in.
So, this is my scenario: I elected $3k to be withheld from my checks this year. I pay my sitter $250/biweekly. I submitted my first claim for Jan almost 2 weeks ago, and the site says if submitted online, claims are process in 3-5 business days. So I called tonight b/c I was wondering when I would receive my reimbursement check or direct deposit. I was basically told I had paid in ~$200 so far this year, and until I have $250, they can't reimburse me for my first payment to my sitter. So I will essentially be behind the whole year, just to save some taxes..
I was so livid. I simply cannot afford to have an "extra" $500-750 floating out there while I'm trying to re-pay debts, etc. The company handling this didn't explain this online at all, prior to me making our elections. I'm so glad that the guy was really helpful & told me that this was the last day to cancel anything on my elective withholdings. I immediately called & canceled this. I also complained about the lack of communication about how reimbursements were handled. I'll get reimbursed all of my deduction for this account in two weeks.
Sorry this is a tad wordy, but I thought it was worth sharing.
Trevor Calvin 12.10.07 7:26pm 7lbs2.5oz 19.75in
Emerson Claire 07.07.11 11:34am 7lbs7oz 20.5 in