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Money Crashers
Set Your FSA Contribution From Last Year’s Medical Bills – Not the Maximum
At open enrollment, base your health flexible spending account (FSA) contribution on last year’s costs that will repeat, like prescriptions, copays, glasses, and dental work. The money you put in skips federal income and payroll taxes, but what’s left at the plan’s deadline is lost, apart from any small carryover. Elect only what you’re sure to spend.
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