‘Use-or-lose’ rule changing for Flexible Spending Accounts
Posted on 19. Nov, 2013 by Catherine Joy in 2013 Taxes, Tax
In past years, U.S. workers would have to forfeit any unused funds at the end of the year, causing people to, typically, underfund these accounts. But, the Treasury Department has relaxed the rule, allowing account holders to carryover up to $500 in unused funds into the next year.
‘Use-or-lose’ rule changing for Flexible Spending Accounts
By Melanie Hicken, CNN
There’s good news for workers worried about forfeiting the money they put into their flexible spending accounts at the end of the year.
On Thursday, the U.S. Treasury Department announced it would be relaxing a rule that requires account holders to “use-or-lose” the funds in their accounts by the end of the year. Employers will now be able to allow participants to carry over up to $500 in unused funds into the next year.
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