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.

Tax Glossary

Acquisition debt

Debt used to buy, build, or construct a principal residence or second home and that generally qualifies for a full interest expense deduction.

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