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Flexible spending accounts

Submitted by bjones40@comcast.net on 5 January 2008 - 4:58pm

Ok, I haven't seen anything about flexible spending accounts, so I'll ask. For most people, like me, the amount contributed to an FSA is going to vary from one year to the next. So what's the best way to handle this issue?

Thanks for your help.

Richard

P.S. FSAs are annual use it or lose it accounts to which you may contribute pre-tax dollars for qualified medical expenses. Depending on the limit set by your employer, you can contribute up to a maximum of $5,000 per year.

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Submitted by Laurence Kotlikoff on 6 January 2008 - 6:37pm.
1

Flexible spending accounts are earnings you can instruct your employer to set aside on a tax-free basis to pay for specific eligible expenses such as healthcare and child chare. To deal with them in ESPlanner just enter your earnings net of the amount you are contributing to your flexible spending accounts and do NOT enter as a special expenditure the amount that will be covered by (paid for from) these accounts.

best, Larry

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