Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I have a question about flexible spending account limits.

Customer Question
I've changed employers and I'm...
I have a question about flexible spending account limits. I've changed employers and I'm wondering how this impacts my elections. I elected and spent the maximum HCFSA amount of 2550 already, but it's unclear to me if this means I can not elect to contribute to a HCFSA with my new employer. The bottom of page 5 and top of page 6 here: https://www.irs.gov/pub/irs-drop/n-12-40.pdf suggests to me that I can elect the maximum amount under each employer . . . is that right? Does this apply to DCFSA accounts as well?
Submitted: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 27 minutes by:
7/1/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,243
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

IRS Bulletin 2012-40 IS the the most recent guidance IRS produced.

...

I can tell you from experience that I have had one client (that I know from conversation that has done this) and the return was processed and the resulting refund provided. - I have seen others but can't tell you that I know results.

...

I would tell you from my 30 years experience that this was (1) not the legislative intent, (legislative intent of the law was to set a per taxpayer maximum, just as all other per taxpayer limits are set - e.g., the 18000 salary deferral for 401(k) plans), and (2) I would not be surprised to see a change.

...

(2) possibly more important in the long term, is the fact that the law itself (this is ust a revenue bulletin - IRS administers the law, they don't create it) does NOT make this statement.

...

(3) As of yet we have not seen any audits disallowing this (but we are just now coming up to the point where those 2013 returns only have this year to be audited (three year statute of limitations on audit) - THAT's when there really will have been some procedural precedent.

...

SO, yes, given the above, as of today, you can do this ... and although there are differences fo dependent care as it relates to negative balances, there has been no go=uidance so far that tis does NOT apply to DCFSA as well.

Ask Your Own Tax Question
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am going through an IRS audit, it has been almost 70 days
I am going through an IRS audit, it has been almost 70 days since I visited the local IRS office. When I call the IRS agent to check on the status he says he is working on it, like right before he tol… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,338 satisfied customers
Here.. Yesterday i got an audit examination letter from IRS
Yesterday i got an audit examination letter from IRS for my period 2015 asking for miscellaneous deductions.But worst thing is, Since it is almost 2 years, i do not have my receipts stored... for eg, parking, meals etc.. is there a way to help me plz with some suggestions? … read more
Carter McBride
Carter McBride
LLM
239 satisfied customers
I just received a letter about an IRS audit to be done on
I just received a letter about an IRS audit to be done on January 17th on 2014 and 2015. However, she was explaining why I needed to sign a waiver on 2014 since it was passed time to do an audit? I di… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Looking for the statute of limitation on the collection of
looking for the statute of limitation on the collection of WI taxes. in particular for withholding taxes from 21 years ago … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm getting a field audit, but feel like it's an irs fishing
I'm getting a field audit, but feel like it's an irs fishing expedition. I've been honest with my numbers, but he's asking for all oersona l and business and savings acct info for 2015, plus December … read more
abci168
abci168
Principal
27 satisfied customers
During an IRS audit does the IRS have to inform you that
During an IRS audit does the IRS have to inform you that they will talking with 3rd parties? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
64 satisfied customers
Wanted to know if there was statute of limitations on ga
Wanted to know if there was statute of limitations on ga back taxes … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
IRS auditing 2015 Federal Return regarding reverse mortgage
IRS auditing 2015 Federal Return regarding reverse mortgage accumulated interest on 1098 for $93k. Sent Form 886-A Worksheet for Qualified Loan Limit and Deductible Home Mortgage Interest. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,275 satisfied customers
Does the IRS ever do an audit that results in refunding
Does the IRS ever do an audit that results in refunding money back to the taxpayer AND then taking back any social security credits that might have been earned in error? It's a long story, but I'm sel… read more
socrateaser
socrateaser
1,031 satisfied customers
Does the IRS ever do an audit that results in refunding
Does the IRS ever do an audit that results in refunding money back to the taxpayer AND then taking back any social security credits that might have been earned in error? It's a long story, but I'm sel… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
I need somewone who is knowledagble with IRS Audit, GA, Yes
I need somewone who is knowledagble with IRS Audit … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,243 satisfied customers
Is a tax return less likely to be audited if it's prepared
Is a tax return less likely to be audited if it's prepared by a CPA or simply a tax person? Secondly, our Rotary Club is a 401 C for we have a 401 c 3 Foundation the question is can individual members… read more
socrateaser
socrateaser
1,031 satisfied customers
We are being audited for 2014, 2015, 2016. They are auditing
We are being audited for 2014, 2015, 2016. They are auditing a single member LLC but because our personal return is encompassed together they are auditing that also. The auditors first determination (… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,243 satisfied customers
My relative has an IRS Audit. Her accountant said that he"
My relative has an IRS Audit. Her accountant said that he " procured her tax return account transcripts, and the Wage and Income transcripts that the IRS has to verify your tax return disclosures." Do… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Is there a statute of limitation for sales tax in ohio?
Is there a statute of limitation for sales tax in ohio? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
R I TOWNS AUTO TAX - IS THE STATUTE OF LIMITATIONS 15 YEARS
R I TOWNS AUTO TAX - IS THE STATUTE OF LIMITATIONS 15 YEARS -FOR THE COLLECTION OF PAST AUTO TAXS … read more
abci168
abci168
Principal
27 satisfied customers
TAX: Is there a statute of limitations for filing tax
TAX: Is there a statute of limitations for filing tax returns? Taxpayer has not filed since 2005 and wants to file 2006 - 2014. 2015 and 2016 are filed.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I understand the statute of limitations for IRS Debt is 10
I understand the statute of limitations for IRS Debt is 10 years from the date it was assessed. My debt was assessed 12 years ago. My account was place on non-collectible status in 2010. I am wonderin… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,275 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x