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Late December is when many Americans rush to spend any money left in their Flexible Spending Accounts â those workplace plans funded during the year to pay medical expenses. The stimulus package, which President Trump signed Sunday, will give these workers a temporary reprieve.Â
One of the many provisions in the stimulus package allows those who have FSAs to roll over the remainder of their accounts from 2020 to 2021 and from 2021 to 2022. The same rules apply to Dependent Care FSAs, which are similar plans that benefit an employeeâs dependents, such as a young child or an elderly parent.Â
Workers could set aside up to $2,750 in pretax funds for individuals in Health FSAs and up to $5,000 per family, also before taxes, for dependent care FSAs in 2020. Under normal circumstances, the use-or-lose provisions in these plans generally require that the money be spent by year-end or be forfeited.Â