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Take Advantage of FSA

Posted Nov 28, 2018

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Take Advantage of FSA

The IRS reminds taxpayers to take advantage of their employers’ Flexible Spending Accounts (FSAs) in 2019. For 2019, the contribution limit is $2,700. If an employer chooses, employees can carry over up to $500 of unused funds into 2020. Otherwise, FSAs have a “use or lose” provision. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Amounts contributed aren’t subject to federal income tax, Social Security tax or Medicare tax. If the plan allows, an employer may contribute to an employee’s FSA.

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