What are considered eligible expenses?
Out-of-pocket expenses are generally eligible if they are not reimbursed by an insurance plan. Lists of expenses that may be deducted appear on the Vantage web site. Expenses are eligible only when incurred by you or one of your eligible dependents during the Flexible Spending Account Plan Year. The Account Plan Year is January 1 to December 31. How much may I take pre-tax? Annual maximum amount allowed for Unreimbursed Medical Expense is $5,000.00. Annual maximum amount allowed for Child/Dependent Care Expense is as follows: If filing single for income tax purposes, your election cannot exceed $2,500.00 If filing married for income tax purposes, your election cannot exceed $5,000.00 or the lesser of either your or your spouse’s earned income (annual compensation). YOU CANNOT USE THE SAME DEDUCTION FROM YOUR FLEXIBLE SPENDING ACCOUNT AS DEDUCTION ON IRS FORM SCHEDULE A. What do I need to do to enroll? A new employee has a period of 31 days after their hire date to enroll in a Flexible
Related Questions
- If I have related entity expenses that aren’t eligible for a deduction and I had similar transactions in years before the addback was required, will the deductions be allowed for those prior years?
- What mass transit expenses are eligible to be paid under a Commuter Benefit Plan (CBP)?
- What costs are NOT ELIGIBLE EXPENSES?
