Flexible Spending Arrangements
GPTKB entity
Statements (31)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
tax-advantaged financial account
|
| gptkbp:abbreviation |
gptkb:FSA
|
| gptkbp:administeredBy |
employers
|
| gptkbp:benefit |
contributions are not subject to federal income tax
contributions are not subject to Medicare tax contributions are not subject to Social Security tax |
| gptkbp:country |
gptkb:United_States
|
| gptkbp:eligibility |
medical expenses
dental expenses vision expenses dependent care expenses |
| gptkbp:establishedBy |
employer
|
| gptkbp:feature |
carryover option
use-it-or-lose-it rule annual contribution limit grace period option |
| gptkbp:fundedBy |
employee pre-tax contributions
|
| https://www.w3.org/2000/01/rdf-schema#label |
Flexible Spending Arrangements
|
| gptkbp:introducedIn |
1978
|
| gptkbp:legalBasis |
Internal Revenue Code Section 125
|
| gptkbp:maximumContribution2024 |
$3,200 (health FSA)
$5,000 (dependent care FSA) |
| gptkbp:notPortable |
true
|
| gptkbp:purpose |
pay for dependent care expenses
pay for qualified medical expenses |
| gptkbp:regulates |
gptkb:Internal_Revenue_Service
|
| gptkbp:relatedTo |
gptkb:Health_Savings_Account
gptkb:Health_Reimbursement_Arrangement |
| gptkbp:website |
https://www.irs.gov/pub/irs-pdf/p969.pdf
|
| gptkbp:bfsParent |
gptkb:Internal_Revenue_Code_Section_129
|
| gptkbp:bfsLayer |
7
|