Any available Carryover funds will be available on the first day of the new plan year. The amount that is carried over is determined at the end of the run-out period of the previous plan year and will not appear in the current account balance until that time period has ended.
Under the regulations, your Dependent Daycare expenses need to be “work related.” This means that the expenses must be incurred while you (and your spouse if married) are working or actively looking for work. Volunteer work, either unpaid or nominally paid, do not qualify as “work.” However, if your spouse is a full-time student, your daycare expenses may be eligible.
The deadline for submitting claims is 90 days after the close of the plan year. For calendar year plans, the deadline would be March 31st.
You have 90 days from the date of termination to submit any claims for expenses incurred while you were an active employee. Any funds remaining in your account after that 90-day period has ended will be forfeited back to your employer.