Flexible Spending Accounts.

Who contributes

You; the company cannot contribute

Contribution limits

$130-$2,750 (subject to IRS changes for 2022)

$260-$5,000 ($2,500 if you’re married and you file separate tax returns)

Eligible expenses 

• Medical, dental and vision copays, coinsurance and deductibles
• Prescription drugs
• Over-the-counter prescriptions
• Eyeglasses, contact lenses and vision exams
• Orthodontia

Refer to IRS publication 502 for a complete list

The following are eligible daycare expenses if they are for children under age 13 or disabled adult dependents while you and your spouse work or attend school:

• Daycare centers (including adult daycare facilities for qualified dependents)
• In-home private daycare providers
• Before-and after-school care (if not included in tuition)

Refer to IRS publication 503 for a complete list

Rollovers

You can roll over up to 20% of the IRS annual amount in unused dollars from 2022 to 2023, and you have until March  31, 2023 to submit reimbursement requests for 2022 expenses; any remaining dollars will  be forfeited

You lose any remaining dollars at the end of the year, but have until March 31, 2023 to submit reimbursement requests for 2022 expenses

Limitations 

N/A

You cannot participate if you earn more than $130,000 per year