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Submitted By: Harvey
Answered: June 1, 2015 3:14 pm
Answered: June 1, 2015 3:14 pm
My wife and I each have access to a medical flexible spending account (FSA). How much can we contribute?
The dollar limit for contributions to a medical FSA for 2015 is $2,550. Each spouse can contribute up to this limit as long as each works for an employer offering such a plan. This enables a couple to exclude from their taxable compensation a total of $5,100. This is so even if both spouses work for the same company.
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Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
