What are the contribution limits for FSAs in 2023?
An example of an AI chatbot conversation about FSA contribution limits for 2023.
What are the contribution limits for FSAs in 2023?
For 2023, the contribution limit for Health FSAs is $3,050. For Dependent Care FSAs, it's $5,000 for individuals or married couples filing jointly.
Are there any changes from last year?
Yes, the Health FSA limit increased from $2,850 in 2022 to $3,050 in 2023. The Dependent Care FSA limit remains the same.
Can I carry over unused funds to the next year?
Yes, you can carry over up to $610 of unused Health FSA funds to the next plan year. However, this does not apply to Dependent Care FSAs.
What happens if I exceed the contribution limit?
If you exceed the contribution limit, you may face tax penalties on the excess amount. It's important to monitor your contributions closely.
How do I enroll in an FSA?
You can enroll in an FSA during your employer's open enrollment period. Check with your HR department for specific details.
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