Lorem ipsum dolor sit . Proin gravida nibh vel vealiquete sollicitudin, lorem quis bibendum auctonisilin sequat. Nam nec tellus a odio tincidunt auctor ornare.

Stay Connected & Follow us

2250 Chaney Road
Dubuque, Iowa 52001-2913
mobile-logo
  • Donor Advised Funds

    Are you looking for a way to benefit Believers Stewardship Services both now and in the future? With a donor advised fund (DAF) you can make gifts to charity during your lifetime and, when you pass away, your children can carry on your legacy of giving.

  • Plan Your Will

    The Online Wills Planner is designed to help you gather the information your attorney will need to plan for your future.

Planned Giving

Text Resize
Print
Email
Subsribe to RSS Feed

Tuesday November 21, 2017

Washington News

Washington Hotline

2018 Flexible Spending Arrangements

In IR-2017-187, the IRS urged employees with flexible spending arrangements (FSAs) to take full advantage of the plans.

An FSA permits employees to set aside up to $2,650 in 2018 for qualified medical expenses. The FSA contribution is not subject to income tax, Social Security tax or Medicare tax. If the FSA plan permits, an employer may make a one-to-one match of the amount of each employee's contribution.

An FSA may be used to cover qualified medical expenses. These may include medical bills such as co-pays and deductibles that are not otherwise covered by your medical plan. Other qualified expenses may include dental, vision care or hearing aids.

An FSA has a use-it-or-lose-it provision. If you set aside amounts and have not used them by December 31, the remaining FSA balance is returned to your employer. However, if the FSA plan permits, an employee may carry forward up to $500 of unused funds to the next year.

Another FSA plan option is for the employer to permit an employee to use the plan-year funds until March 15 of the next year. An employer may select this option or the $500 carryover, but may not offer both.

FSAs are optional with the employer. Employees should check to determine to if an FSA is available for their company. If it is available, employees will need to make their funding election for 2018.

Published November 17, 2017
Print
Email
Subsribe to RSS Feed

Previous Articles

Senate Tax Cuts and Jobs Act

Tax Cuts and Jobs Act

House Budget Permits Tax Reform

IRS Security Summit Highlights Progress

Will Tax Reform Include New Charitable Deductions?

scriptsknown