The Internal Revenue Service (IRS) limits employer-provided, tax-free child care benefits to $5,000 per family per year ($2,500 for highly compensated employees*).

Benefits from both the JPMorgan Chase Back-Up Child Care Plan and the JPMorgan Chase Dependent Care Spending Account are subject to these limits. For 2022, JPMorgan Chase values a day of back-up child care at $60.

Please note that due to the COVID emergency, the existing and new child care programs will not result in imputed income to you during the time that there is declared pandemic by the U.S. government (beginning March 13, 2020). During this time, your use of these programs will not increase your federal income or employment taxes. When the U.S. government no longer declares a pandemic (which is not known at this time), the use of the child support programs will result in imputed income.

For 2023, refer to U.S. Child Care Imputed Income at https://me.jpmchase.net/mejpmc/file/media/1303206/2023_us_child_care_imputed_income.pdf for important information regarding imputed income and limits on tax free child care benefits.