Question
How can I use up my Flex Spending account?
We have a lot of money left in the Flexible Spending account that my company offers as part of the benefit package. I just read that if not used up by the end of the year, the money reverts to the company and I have to pay tax on it. That somehow seems unfair, to pay tax on money I never see. But in any event, any suggestions about how to use up $1 - 2,000 in FSA over the next couple months? With my kids moved out of the house, we don't have the same level of unreimbursed medical expenses that we used to have. Tax Lady, it's only a couple grand, relax. It's barely rounding error for me.
1 month ago - 2 answers
Best Answer
Chosen by Asker
First, print out a list of exaclty what's covered. Then, make some massive trips to CVS, to buy your antiacids, cold medications, sunscreen (it's covered under MY FSA!), batteries for any insulin pumps, bandaids, neosporin, etc. Just run down the list, and buy a full year's worth of stuff. Heck, buy first aid stuff for your kids, for Christmas presents.
by mbrcatz
1 month ago
Asker's Rating: 
Other Answers
So why in the world didn't you change your FSA deductions? You knew your dependents were leaving. As for using up the money, see the dentist early, replace eye glasses, get a physical. Check your plan to see if it has a grace period to 3/15 to use up the money. Some plans do.
by the tax lady- 1 month ago