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If I used money improperly can I pay the FSA back? I deduced…

Customer Question
If I used money...

If I used money improperly can I pay the FSA back?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I deduced $5K and used all of it but so far only reported $4K to EDD and don't want to report the other $1K since it was to a family member who does not want to show the income.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

SInce it will show $5K on my W2 will the SSA and EDD look for this amount to be covered?

Submitted: 1 month ago.Category: Tax
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1/3/2018
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 month ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,394
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Hi, my name is Mark. I will be happy to help you with your questions. Usually the FSA plans work by submitting receipts to the FSA? How were you able to obtain funds without an offsetting expense?

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Customer reply replied 1 month ago
I submitted a letter stating that the $5K was expended.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 month ago

The $5,000 will show on your W-2. There will not be any other forms relating to the disbursement of the $5,000.

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Customer reply replied 1 month ago
I would just correct my income to be $1000 higher? Correct or ?
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 month ago

That is correct. I would report it as other income on page 1 of form 1040.

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