Double the Pre-Tax Dependent Care Flexible Spending Account Limit from $5,000 to $10,000 annually

Currently, the annual contribution limit for joint filers for pre-tax dependent care flexible spending accounts (FSA) is $5,000 and $2,500 for individuals. With the costs of dependent care continually rising (child, elderly, etc.), this FSA contribution limit has not kept pace and should be doubled to $10,000 for joint filers and $5,000 for individuals, so that people who are working to support their families are able to realize adequate tax benefits in paying for dependent care. These costs can easily exceed $5,000 in a calendar year, particularly if families have more than one child (day care or after-school care costs) or are also caring for elderly parents.