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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2834
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I have an FSA question. My husbands benefits run on the calendar

Customer Question

I have an FSA question. My husbands benefits run on the calendar year, while mine run on the "plan" year. I started a new job in January and elected $2500, not knowing that the "plan year" ended in 6 months. So, now my husband and I have already elected $5000 for this year. I didn't want to lose it, so we spent it by getting all new glasses, seeing the dentist etc.
My open enrollment is now. Am I able to elect anything?? What are the consequences of going above the $5000
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.
Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
Contributions to an FSA are based on the FSA plan year, NOT the calendar year or tax year. Additionally, unlike HSAs, there is NO reporting requirement for FSAs on your tax return. The amount you can contribute during your open enrollment is $2,550. (The contribution amount was increased by $50 in 2015.) There are no consequences for this contribution.
http://www.irs.gov/uac/About-Publication-969
Please let me know if I can assist you further.
Thank you and best regards,
Barb
Expert:  Barbara replied 1 year ago.
Just following up with you to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me.
Best regards,
Barb

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