Today TaxMama hears from Shane in California with this idea. “Lets say my kid’s braces cost $7,000. Healthcare pays $2,000; so we pay $5,000. If I have a Flexible Spending Account (FSA) with $5,000 and my wife has an FSA account with $5,000, can we both claim $5,000 each against our respective FSA accounts?”
Dear Shane,
If the total out of pocket cost, after the Healthcare pays off is $5,000, you and your wife, together, cannot use more than a TOTAL of $5,000 in your FSAs. You can’t each use $5,000. That’s excluding $10,000
for a $5,000 cost? Uh….
You can’t each submit a copy of the same $5,000 orthodontist bill to two separate FSA plans. Good try, though. (My assistant says, “that’s like fraud!”)
Sorry. But I do love your ingenuity.
And yes, this is open enrollment month.
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Please, remember to take advantage of your flexible spending account to reduce the taxes on bills you’re paying anyway – for childcare, medical, dental and vision care expenses.
And remember, you can find answers to all kinds of questions about flexible spending accounts and other tax issues, free.
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