Submitted By: Harvey
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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Tax Glossary

Assessment

The IRS action of fixing tax liability that sets in motion collection procedures, such as charging interest, imposing penalties, and, if necessary, seizing property.

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