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A Guide to Your Flexible Spending Account Kellogg Community CollegeFlexible Spending Accounts Making the most of your money What if you could make your earnings stretch further? A Flexible Spending

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What is a flexible spending account?

A flexible spending account is a type of savings account that allows you to set aside pre-tax money to pay for eligible medical expenses and dependent care expenses.

Who is required to file a flexible spending account?

Employees who have access to a flexible spending account through their employer can choose to participate and contribute a portion of their salary to the account.

How to fill out a flexible spending account?

To fill out a flexible spending account, employees need to decide how much money to contribute to the account during open enrollment period and submit the appropriate forms to their employer.

What is the purpose of a flexible spending account?

The purpose of a flexible spending account is to help individuals save money on eligible expenses by using pre-tax dollars, thereby reducing their taxable income.

What information must be reported on a flexible spending account?

Participants in a flexible spending account must report expenses incurred for eligible medical costs or dependent care expenses, along with documentation as required by the plan.

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