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Hi. This is a very general question but let me try to answer: There are several things that you absolutely need to keep in mind when opening a flexible spending account:
1. The plan year - you must spend out everything you set aside during the plan year - there is no loophole that allows you to bend this rule
2. Eligible expenses - make sure you know exactly what you can spend money on. They are also very strict about this.
3. Receipts necessary - even if you spend during the plan year on eligible expenses, you can be turned down for reimbursement if you lack the necessary receipts.
4. People who are covered - also make sure you know who in your household is covered. Usually this is pretty straightforward and again, no loopholes.
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Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
Is it possible to get an individual Flexible Spending Account FSA as an independent contractor 1099?
An independent contractor can get a Flexible Spending Account (FSA) if they meet the qualifications to have an FSA. They must be covered under a high deductible health insurance plan and have no other health coverage. They can not be enrolled in Medicare or be claimed as a dependent on anyone's taxes.
What is federal flexible spending account?
A pre-tax spending account that lets you use tax free dollars on eligible medical, childcare, public transit, and parking expenses. FSA accounts typically save roughly 25-30% of your money in taxes. But you need to make sure to use your money during the plan years as unused funds are forfeighted at the end of the year.
A favorable spending variance occurs when the actual cost is less than the amount of that cost in the flexible budget true or false?
True
If you have a flexible spending account can you qualify for the child and depende NT care credit?
The child care tax credit limit is $3,000 for one child, and $6,000 for two or more children. The Flex limit is $5,000. If you are paying for one child the answer is no. If you are paying for two or more children, you can utilize the extra $1,000 and apply it to your Child Care Tax Credit.
Can you have an Flexible spending account if you are on Medicare?
yes
Is the cost of my spouse's insurance premium reimbursable through my flexible spending account?
Yeah, the cost simply reimbursable through your flexible spending account. I guess that that's just reality
Where does one learn more about the benefits of having a flexible spending account?
You can find out about the benefits of having a flexible spending account anywhere on the Internet. You can get good information on FinancialPlan. They tell you all the things about saving and budgeting.
Which type of health insurance plan has a use-it-or-lose-it feature?
flexible spending account
What can I spend with my flexible spending account?
You can only pay for medical expenses with your flexible spending account. You can pay for x-rays, prescriptions, doctors visits, hospital visits, and eye visits. Your company should have a list of all eligible expenses.
Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
Flexible spending account where does the leftover money go if you don't spend it?
The plan administrator gets it.
Is it possible to get an individual Flexible Spending Account FSA as an independent contractor 1099?
An independent contractor can get a Flexible Spending Account (FSA) if they meet the qualifications to have an FSA. They must be covered under a high deductible health insurance plan and have no other health coverage. They can not be enrolled in Medicare or be claimed as a dependent on anyone's taxes.
What banks offer flexible spending accounts?
Flexible spending account is one of the benefits offered by US Bank catering for one's healthcare payment. It is one way of reaping tax savings and helping individuals come up with smarter decisions to stay healthy.
Can you use a flexible spending account and claim the childcare tax credit?
Yes. The Flexible Spending Account is simply a before tax method of paying for medical expenses and it has no impact on unrelated tax items. Use of the FSA does prevent being able to also claim a medical expense deduction. The childcare tax credit is unrelated and can be claimed.
What is the name for reimbursement accounts for qualified medical and childcare expenses?
What is the name for reimbursement accounts for qualified medical and child care expenses? A. cafeteria plans. B. deferred compensation plans. C. option plans. D. flexible spending accounts. d
Can I use your FSA Visa Card to pay for Juvederm?
No. Juvederm is considered a cosmetic procedure and not a medical need. It is not covered under your Flexible Spending Account.
