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Message
What should I do with FSA money?
Posted on 12/14/17 at 8:14 am
Posted on 12/14/17 at 8:14 am
I will be getting a check for $12,600 at the end of the year from my FSA for medical and daycare. I could pay off the car that has a 1.99% interest rate that I owe $11k on or I could pay down a rental house that has a 5% interest rate.
FYI not interested in hookers and/or blow
FYI not interested in hookers and/or blow
3
Posted on 12/14/17 at 8:16 am to TitleistProV1X
I’d pay off the car.
Posted on 12/14/17 at 8:18 am to TitleistProV1X
not really on topic, but what triggered that disbursement? I thought FSAs have restrictions on what they can be used for (medical and childcare, in your case)?
Posted on 12/14/17 at 8:21 am to ATLdawg25
I'm guessing he paid out of pocket for expenses through the year and is getting a lump reimbursement.
ETA: nevermind. I was thinking HSA
ETA: nevermind. I was thinking HSA
This post was edited on 12/14/17 at 11:57 am
Posted on 12/14/17 at 8:24 am to ATLdawg25
Birth of second son so I maxed out the medical and have two kids in daycare so I max that out every year and so does my wife. It’s a nice reserve to have at the end of the year and a nice savings.
Posted on 12/14/17 at 8:42 am to TitleistProV1X
I thought you could only do like 5k per family in the childcare FSA?
We just have 1 of us making that contribution to max it out.
We just have 1 of us making that contribution to max it out.
Posted on 12/14/17 at 8:51 am to TitleistProV1X
quote:
have two kids in daycare so I max that out every year and so does my wife
Yeah, you're going to eventually have a bad time with that.
Posted on 12/14/17 at 9:53 am to eng08
quote:
thought you could only do like 5k per family in the childcare FSA?
Oh frick just looked online to pull up the quotes and read that you can only put in $5000 into the dependent care account total, not per working adult. Guess I’ll be using some of the money to pay taxes on that $5,000 haha shite!
Posted on 12/14/17 at 10:09 am to TitleistProV1X
You said every year. How many?
Posted on 12/14/17 at 10:40 am to SLafourche07
Thankfully just this year! Last year we only did $5k because we thought it was per kid and we only had one at the time.
Just to be sure does anyone know if for a married family you can contribute:
$2,600 per working adult for FSA medical(believe this increased for 2018)
$18,000 per working adult to 401k
Just to be sure does anyone know if for a married family you can contribute:
$2,600 per working adult for FSA medical(believe this increased for 2018)
$18,000 per working adult to 401k
This post was edited on 12/14/17 at 10:42 am
Posted on 12/14/17 at 11:51 am to TitleistProV1X
quote:
What should I do with FSA money?
1. Invest in crypto currency.
2.Profit
3. Move to island and act like you don't know anyone.
Posted on 12/14/17 at 2:04 pm to TitleistProV1X
Haha, good thing you caught it now Bc the irs will come after it in 2-3 years.
Posted on 12/14/17 at 2:16 pm to TitleistProV1X
Not to thread hikack but holy frick what does this mean if my wife and I max out our plans through our employers at $5000 each? Am I out $5000 or do I just lose the tax benefit?
Posted on 12/14/17 at 2:30 pm to sneakytiger
quote:youre sure that's not an HSA? If it is, you just keep it for future medical expenses
Not to thread hikack but holy frick what does this mean if my wife and I max out our plans through our employers at $5000 each? Am I out $5000 or do I just lose the tax benefit?
Posted on 12/14/17 at 2:36 pm to castorinho
Dependent care fsa
Posted on 12/14/17 at 2:55 pm to sneakytiger
quote:
Not to thread hikack but holy frick what does this mean if my wife and I max out our plans through our employers at $5000 each? Am I out $5000 or do I just lose the tax benefit?
I'm not sure on the "correct" way to fix this problem, but:
Do you have at least $10,000 in qualifying expenses?
If yes, I would submit receipts and get my money out and then include $5,000 of that in my income.
If no, I would double submit the same $5,000 of receipts to each FSA company to get my money out and then include $5,000 of that in my income.
If you don't have even $5,000 in receipts than I'm not sure why you contributed $10,000 to FSAs.
Posted on 12/14/17 at 3:34 pm to SLafourche07
Yes we'll have 10k+ in expenses which is why we made the elections (daycare is a racket in Houston). I see what you're saying and have seen similar advice online. God damn I hate these government administrated programs, they are corporate welfare for benefits administration companies.
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