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Health Care FSA (Displaying results 41-45 of 45)
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Are expenses paid with an HCFSA tax deductible? Open Closed
If you use a Health Care FSA (HCFSA) to pay for eligible health care expenses, you cannot deduct those same expenses on your federal income tax return. However, your entire allotment (FSA contribution) is deducted from your pay … Read more…the full answer
Can I deduct expenses reimbursed by my HCFSA on my tax return as a medical expense? Open Closed
No, you cannot because you have already received reimbursement with tax-free dollars through your Health Care FSA (HCFSA).… Read more…the full answer
Why should I use an FSA for health care expenses rather than deducting the expenses on my income tax return? Open Closed
Medical expenses that exceed 10 percent of your adjusted gross income (AGI) can be deducted on your federal income tax form. However, FSAs are tax-free from the first dollar. You do not have to meet the 10 percent AGI minimum before receiving the… Read more…the full answer
Are over-the-counter items (OTC) that include sunscreen as an ingredient considered eligible expenses? Open Closed
Over-the-counter items that include SPF as an ingredient could be potentially eligible. To be considered eligible, the sunscreen component would need to be the primary function or purpose of the over-the-counter item. For potentially eligible expe… Read more…the full answer
Are over-the-counter (OTC) menstrual care products eligible for reimbursements from my HCFSA? Open Closed
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law Friday, March 27, 2020. The CARES Act newly allows for the reimbursement of menstrual care products effective January 1, 2020. When you submit a c… Read more…the full answer
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