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The FSA is an employer-sponsored account that allows employees to set aside up to $2,850 in pretax money. When the money is used for eligible expenses, the expense will be tax-free.
In the United States, a flexible spending account (FSA), also known as a flexible spending arrangement, is one of a number of tax-advantaged financial accounts, resulting in payroll tax savings. [1] One significant disadvantage to using an FSA is that funds not used by the end of the plan year are forfeited to the employer, known as the "use it ...
FSA accounts have use-it-or-lose-it provisions that require enrollees to spend the funds on qualified expenses before the end of the calendar year the contribution was made. Plan sponsors can ...
That accounts for an average of $339 to $408 lost per employee annually. And U.S. FSA forfeitures total at least $3 billion per year, according to an analysis from Money published last year.
As of June 30, 2023, SECU has $49.6 billion in assets, over 2.75 million members, and 275 branches with locations in all of North Carolina's 100 counties. [3] SECU operates the no-fee CashPoints automated teller machine network, which is the largest ATM network in North Carolina. [4]
Truliant Federal Credit Union is a nonprofit financial institution based in Winston-Salem, North Carolina. [3] Chartered in 1952, the credit union provides financial guidance and services to members in North Carolina, South Carolina and Virginia. [1] As of September 2021, Truliant has more than 280,000 members and $3.6 billion in assets. [2] [4]
Flexible spending accounts can save tax dollars if you don't let use-it-or-lose-it money go to waste. These FSA-approved items include everyday and COVID-19 essentials.
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