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Deductions & credits
Generally speaking, you cannot have a health Flexible Spending Account and Health Spending Account at the same time. However, there are two exceptions: limited purpose FSAs and dependent care FSAs.
A limited purpose FSA covers limited eligible expenses such as out-of-pocket dental and vision items, services, and procedures. If you’re enrolled in an HSA, you can have an LPFSA too. These are sometimes referred to as an “HSA compatible FSA”.
Like a health FSA, the maximum annual contribution amount is the same for an LPFSA (currently $2,850).
The dependent care FSA is for childcare only.
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April 15, 2022
4:31 PM