Flexible Spending Benefits
If your employer offers a flexible spending arrangement for health or dependent care, utilizing this benefit will lower your taxable wages and save you taxes. Under a flexible spending arrangement, you elect to have a portion of your pay withheld and deposited in a plan account. As you submit proof of expenditures, the plan reimburses you from the account.
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Beware, any unspent amounts beyond $610 at 2023 year end, and $640 in 2024, will be forfeited.
- Check with your employer about the types of health care expenses for which you can be reimbursed.
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