New changes to an IRS flexible spending account rule will have an impact if you take advantage of the plan.
Because of the recent CARES Act that allowed individuals to carry over unused funds year-to-year for their benefit, the IRS is now capping the amount for someone to carry over to $570. The caveat, however, is employers have to agree to the carryover amount, which has a March 15 deadline.
In 2022, individuals were able to set aside a maximum of $2,850 to their FSA. In 2023, that number will increase to $3,000 and the carryover amount will jump to $700. Those reimbursements can vary depending on the plan administrator from headache medicine to cessation treatment or devices to massagers and in some cases, gym memberships.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Millionaires fled New York during COVID pandemic: IRS dataNew York’s decline was reported at a time when the number of millionaires grew nationally by some 10% — from 554,340 to 608,540.
Read more »
How to Protect Your FSA Dollars by NYE DeadlineNBC 5 Responds has tips to help you avoid losing hard-earned cash saved in flexible health spending accounts.
Read more »
Juneau city manager resolves to adopt new hazard maps in the new yearBoth city officials and residents have been hesitant to adopt the new hazard maps since their introduction in the spring of 2021. Watt says the lack of more specific information about the likelihood and consequences of landslides presents a particular challenge from a municipal policy perspective.
Read more »
NJ's new food security advocate says ending hunger requires more than meal programsTo fight hunger across NJ, lawmakers have allocated more funding for food banks, created tax incentives to increase access to healthy meals in 50 state-designated food desert communities and created the country's first Office of the Food Security Advocate.
Read more »
Amazon warehouse workers get 'big win' with New York law on quotasA new law in New York aims to protect warehouse workers from possibly unlawful quotas.
Read more »