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Flexible Spending Account (FSA) / Limited Purpose Flexible Spending Account (LP FSA) Claim Form Mail or Fax completed form and documentation to: Alex Systems USA, Inc. P.O. Box 4000 Richmond, KY 40476-4000
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What is limited purpose flexible spending?
Limited purpose flexible spending is a type of flexible spending arrangement that allows individuals to set aside pre-tax dollars for specific qualified medical expenses. Unlike regular flexible spending accounts, limited purpose flexible spending accounts can only be used to pay for eligible dental and vision expenses.
Who is required to file limited purpose flexible spending?
Limited purpose flexible spending accounts are typically offered to employees by their employers. Employees who choose to participate in this type of plan are required to file limited purpose flexible spending.
How to fill out limited purpose flexible spending?
To fill out limited purpose flexible spending, employees must first enroll in a limited purpose flexible spending plan provided by their employer. They will then need to determine the amount of money they want to contribute to their account for the year. Throughout the year, eligible dental and vision expenses can be paid using the funds in the limited purpose flexible spending account.
What is the purpose of limited purpose flexible spending?
The purpose of limited purpose flexible spending is to allow individuals to set aside pre-tax dollars specifically for dental and vision expenses. By using pre-tax dollars, individuals can reduce their taxable income and potentially save money on their overall tax liabilities.
What information must be reported on limited purpose flexible spending?
Limited purpose flexible spending accounts typically require participants to report the amount of money they contribute during the year and the amount they spend on eligible dental and vision expenses. This information may be reported on forms provided by the employer or through an online portal.
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