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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.
The Elementary and Secondary School Emergency Relief Fund, also known as ESSER. [1] is a $190 billion program created by the U.S. federal government's economic stimulus response bills, the Coronavirus Aid, Relief, and Economic Security Act (), Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021 (ARP Act), passed by the 116th and 117th U.S. Congress.
If you set up an FSA contribution for 2020 (i.e. pre-pandemic), there’s a chance you can get an extension beyond the typical grace period, which ends March 15. (Yep, due to COVID-19, the IRS has ...
Another FSA feature that was introduced in 2003, is the ability to pay for over-the-counter (OTC) drugs and medical items. [22] In addition to substantially expanding the range of "FSA-eligible" purchases, adding OTC items made it easier to "spend down" medical FSAs at year-end to avoid the "use it or lose it" rule.
If an FSA debit card is presented for payment, the scanner or shopping cart will charge the card, but for no more than the "FSA-eligible" total. If there are other items in the order (or if the FSA debit card did not pay for all eligible items), the scanner or shopping cart then demands another form of payment, such as cash, check, credit card ...
Shop thousands of HSA and FSA eligible items, like skincare and glasses, at online retailers, like Amazon and Walmart, to use your HSA dollars before January 1.
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