Flexible Spending Accounts
How much can I contribute to each account?
The limit for the Medical Care FSA is set each year by your employer. You can elect any amount up to that annual maximum.
The limit for the Dependent Care FSA is determined by the IRS. It is a calendar year maximum and is limited to the smaller of:
- $5,000 for a single parent or a married couple filing a joint tax return ($2,500 each if married filing separately)
- your earned income for the year; or,
- if you are married, your spouse's earned income for the year.
Each account is maintained as a separate account and moneys can not be transferred from one account to the other. Your annual election amount for each account is reduced from your pay in equal increments throughout the year.
View additional questions:
- What is a Flexible Spending Account (FSA)?
- How much can I contribute to each account?
- What expenses are reimbursable under each of the plan?
- How do I enroll in a Medical Care or Dependent Care FSA?
- Do I have to participate in my employer's medical insurance plan to enroll in the Medical Care FSA?
- What's better for me, the Dependent Care FSA or the Federal Dependent Care Tax Credit?
- Can I change my Medical Care or Dependent Care election at any time?
- When can I submit a claim for reimbursement?
- How do I submit a claim for reimbursement of my expenses?
- What happens if I terminate employment during the year?
- What happens if my expenses are lower than anticipated?
- Are there any filing requirements at the end of the year when I file for my income taxes?