Comments on: Flexible Spending Closed out at a Profit http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/ personal finance tips, tricks, and commentary Tue, 14 Feb 2012 00:06:17 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Nick http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-136281 Nick Wed, 11 Nov 2009 17:43:16 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-136281 What about tax ramifications? Could the excess distribution be considered income? We're in a similar situation this year and want to cover our bases before tax time. What about tax ramifications? Could the excess distribution be considered income? We’re in a similar situation this year and want to cover our bases before tax time.

]]> By: Ken Bogard http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-127045 Ken Bogard Sat, 06 Dec 2008 03:57:03 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-127045 What if an employee has not had enough claims and has an excess amount in his account at the time he is terminated from employment by his employer, who get the funds? What if an employee has not had enough claims and has an excess amount in his account at the time he is terminated from employment by his employer, who get the funds?

]]> By: Hieronymus http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-113676 Hieronymus Fri, 07 Dec 2007 19:24:08 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-113676 I lost a coupla grand in a childcare FSA (long story); glad that someone made out on the other end. I lost a coupla grand in a childcare FSA (long story); glad that someone made out on the other end.

]]> By: sunny http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-42461 sunny Wed, 29 Nov 2006 00:41:23 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-42461 I did not know how the system worked, and sent back the extra money! What a dope I was.... I did not know how the system worked, and sent back the extra money! What a dope I was….

]]> By: Keith Casey http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-40273 Keith Casey Wed, 22 Nov 2006 15:47:54 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-40273 If you're *really* looking for flexibility and tax-avoidance, go for a Health Savings Account. It's basically a savings account only for health care costs, but the biggest benefits are that it is 100% yours from day 1 and it grows from the interest. I think most people can put in about $9k/year, but that adds up fast if you can get it in early. My wife and I have a goal of putting about $15k in ours and letting it ride for a couple decades. If you’re *really* looking for flexibility and tax-avoidance, go for a Health Savings Account. It’s basically a savings account only for health care costs, but the biggest benefits are that it is 100% yours from day 1 and it grows from the interest.

I think most people can put in about $9k/year, but that adds up fast if you can get it in early. My wife and I have a goal of putting about $15k in ours and letting it ride for a couple decades.

]]> By: moneysmartlife http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-40164 moneysmartlife Wed, 22 Nov 2006 06:54:34 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-40164 Congratulations! It's nice to see the system benefiting us rather than working against us as it usually does. When I was researching the FSA for an article, I ran across this sad statistic from Bankrate.com: Studies by benefits specialists regularly show that employees typically forfeit more than $100 each year in flexible medical accounts. Congratulations! It’s nice to see the system benefiting us rather than working against us as it usually does. When I was researching the FSA for an article, I ran across this sad statistic from Bankrate.com:

Studies by benefits specialists regularly show that employees typically forfeit more than $100 each year in flexible medical accounts.

]]> By: nickel http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-40043 nickel Wed, 22 Nov 2006 00:41:21 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-40043 Yep, and those surrendered dollars are basically used to balance out cases like mine. It's not a terribly fair system, but that's the way that it works. Yep, and those surrendered dollars are basically used to balance out cases like mine. It’s not a terribly fair system, but that’s the way that it works.

]]> By: jim http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/comment-page-1/#comment-40035 jim Wed, 22 Nov 2006 00:29:49 +0000 http://www.fivecentnickel.com/2006/11/21/flexible-spending-closed-out-at-a-profit/#comment-40035 Before anyone notes that you took money that "wasn't yours," (technically) had you not used it before the end of the year you would've surrendered it back without any apologies from your company. :) Before anyone notes that you took money that “wasn’t yours,” (technically) had you not used it before the end of the year you would’ve surrendered it back without any apologies from your company. :)

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