Urgent Reminder: Flex Spending Account Deadline Is December 31
The end of 2022 is almost here. Have you used all the funds in your Flex Spending Account (FSA)? If not, you’d better hurry because you must spend the entire amount you have contributed for 2022 by December 31 or you’ll lose the remaining balance.
Here Today, Gone January 1
FSAs are a “use it or lose it” benefit, which means all of the pre-tax contributions you’ve made for 2022 must be spent within the 12-month calendar year. Funds cannot be rolled over into the following year or cashed out. Even if you’ve already used your FSA for medical co-payments (such as doctor, dentist and/or optometrist) and other covered costs, and you don’t have any upcoming expenses, you can still spend your remaining funds.
Your FSA can be used for over-the-counter medications like cold and flu remedies, first aid items, pain relievers, skin care products (including sunscreen) and contact lens solutions, to name a few. Shop online at FSAstore.com to see all FSA-eligible products. Everything on the site is 100% eligibility guaranteed. Amazon also has an FSA store where you can use your remaining funds.
Health Spending Accounts (HSA)
Your Health Spending Account (HAS) funds never expire and is yours to keep for today and for the future. If you are an HSA account owner, watch your mailbox at the end of January. The 2022 1099-SA form will be mailed to you, which indicates the amount of money that was distributed from your HSA during the 2022 tax year. Remember, if audited, it’s your responsibility to save receipts for proof of qualified expenses.