【is cloudbank 247 safe】Open enrollment 2021: You may be able to carry over unused FSA funds of up to $550
Open enrollment season is is cloudbank 247 safehere, which means some of you are running out of time to use your tax-advantaged funds before year-end. If you have a flexible spending account, remember that some plans may allow you to carry over slightly more in unused funds for next year. An FSA allows you to pay for many out-of-pocket, qualified medical expenses with pretax dollars. This allows you to set aside money that can be used to cover co-pays, deductibles, prescription drugs and other medical costs. Typically, funds must be used by year-end, unless an employer offers a “carryover,” which allows employees to roll over $500 of unused funds to the following year. Or a company may offer a grace period that would extend the use of the funds until March 15 of the following year. An employer may allow either a carryover or a grace period for an FSA, but not both. COVID-19 relief: From extended jobless benefits to student loan reprieve, relief set to fade at year's end Economy: COVID-19 vaccine prospects may already be boosting consumer spending But in the wake of the COVID-19 pandemic, the IRS made changes to FSA rules this year since some Americans were forced to put off medical expenses during shutdowns. $50 bump in FSA carryover For plans that permit the carryover of unused amounts, the maximum amount for 2021 is $550, an increase of $50 from the 2020 carryover limit. The dollar limit for employee contributions to FSAs remains unchanged at $2,750. To be sure, some FSA plans can be “use-it-or-lose-it,” which means you have to incur eligible expenses by the end of the plan year or forfeit any unspent amounts. Employers may allow you to carry over up to $550 of unused FSA funds to the following plan year. It is up to your employer, so check with your Human Resources department. This article originally appeared on USA TODAY: Open enrollment 2021: FSA funds of up to $550 could be carried over View comments
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