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JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5884
Experience:  CPA with tax experience.
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what is the maximum amount my wife and I can contribute to

Resolved Question:

what is the maximum amount my wife and I can contribute to the Health Care Flexible Spending Account? We both work for the same company and I have received two separate answers from our HR dept - one said $5k each and other said $5k per household if we file jointly, which we do.
Submitted: 7 years ago.
Category: Tax
Expert:  JKCPA replied 7 years ago.

Hello,

 

Thanks for your question.

 

IRS regulations state that flexible spending account (FSA Sec 125) plans must state a medical FSA maximum with the amount determined by the plan. Therefore, you will need to check with your employer as the FSA plan document will explicitly state this limit. The IRS does not set this medical FSA limit.

 

Dependent care FSA maximum is determined by IRS regulations. This is $5000 per family, or $2,500 each if married filing seperate returns.

 

Hope this helps,

Best regards,

 

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