What are the tax advantages of a Flexible Spending Account (FSA)?
An example of an AI chatbot conversation about FSA tax advantages.
What are the tax advantages of a Flexible Spending Account (FSA)?
A Flexible Spending Account (FSA) allows you to set aside pre-tax dollars for eligible medical expenses, reducing your taxable income.
How much can I contribute to my FSA each year?
For 2023, the contribution limit for an FSA is $3,050 per year per employer.
Can I use FSA funds for over-the-counter medications?
Yes, you can use FSA funds for over-the-counter medications if you have a prescription for them.
What happens to unused FSA funds at the end of the year?
Unused FSA funds typically do not roll over to the next year, but some plans may offer a grace period or a limited carryover option.
Are there any penalties for withdrawing FSA funds for non-medical expenses?
Yes, if you withdraw FSA funds for non-medical expenses, you may face a penalty of 20% on the amount withdrawn.
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