I still have money in my flexible-spending account from 2012, and I need to spend it by March 15, 2013, or I’ll lose it. What are some last-minute ways to spend FSA money, other than on insurance co-payments and deductibles?
A number of employers give workers until March 15, 2013, to use up the money in their flexible-spending account left over from 2012. Here are a few ideas to clear out that money from the account in the next couple of weeks. You can use the FSA money for yourself, your spouse or any dependents (including adult children up to age 26, even if they aren’t included on your health insurance policy).
-- Schedule a last-minute dental or vision exam for you, your spouse or your kids. It could be a good time to get everyone’s teeth cleaned.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-- Order an extra pair of glasses, or new prescription sunglasses for the spring.
-- Stock up on contact lenses and contact lens solution for the next several months.
-- Order next month’s prescription medications now.
-- See whether your doctor will write a prescription for over-the-counter medications, such as allergy drugs, cold and flu medications, or aspirin or other pain relievers.
-- Buy a first-aid kit, Band-Aids and Ace bandages.
-- Visit a chiropractor or acupuncturist.
-- Buy a blood pressure monitor, thermometer or heart rate monitor.
For more ideas for eligible FSA expenses, visit the FSAstore.com, which sells items specifically approved for FSAs (and makes it clear which items are eligible with and without a doctor’s prescription). Also see SaveSmartSpendHealthy.com.
-
Take Charge of Retirement Spending With This Simple StrategyTo make sure you're in control of retirement spending, rather than the other way around, allocate funds to just three purposes: income, protection and legacy.
-
Here's How To Get Organized And Work For YourselfWhether you’re looking for a side gig or planning to start your own business, it has never been easier to strike out on your own. Here is our guide to navigating working for yourself.
-
It’s Not Too Late to Boost Retirement Savings for 2018retirement Some retirement accounts will accept contributions for 2018 up until the April tax deadline.
-
How to Correct a Mistake on Your RMDs from IRAsretirement If you didn't take out the correct required minimum distribution because your brokerage firm made a mistake, the IRS may show some leniency.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
-
Making the Most of a Health Savings Account Once You Turn Age 65
Making Your Money Last You’ll face a stiff penalty and taxes if you tap your health savings account for non-medical expenses before the age of 65. After that, the rules change.
-
Reporting Charitable IRA Distributions on Tax Returns Can Be Confusing
IRAs Taxpayers need to be careful when reporting charitable gifts from their IRA on their tax returns, or they may end up overpaying Uncle Sam.
-
When You Can Expect to Receive Your Tax Refund
taxes The quickest way to receive your tax refund is to file electronically and have the money directly deposited into your bank account.
-
How a Move Can Change Your 529 Plan Tax Deduction
529 Plans The tax deduction you get for contributing to your state’s 529 plan can disappear if you move to another state.
-
Tap an IRA Tax-Free With an HSA Rollover
IRAs You can convert tax-deferred money in a traditional IRA into tax-free cash by rolling it over to a health savings account and using it to pay for medical bills.
