How much can I save in taxes with a health FSA?

Contributing $3,200 to a health FSA saves FICA (7.65%) + federal income tax (e.g., 22%) = roughly 30% tax savings for a typical middle-income earner. That is about $960 in avoided taxes on $3,200.

What is the FSA use-it-or-lose-it rule?

Health FSA funds must typically be used by year-end (or grace period of 2.5 months, or $640 rollover in 2024 — not both). Dependent Care FSA also has use-it-or-lose-it rules with the same grace period option.

Can I have both an FSA and an HSA?

Generally not for health FSA and HSA simultaneously. Exception: a Limited Purpose FSA (dental and vision expenses only) is HSA-compatible. Dependent Care FSA is separate and compatible with any health account.

FSA Contribution Limit and Tax Savings Calculator

Calculate 2024 FSA tax savings. Health FSA limit: $3,200. Dependent Care FSA: $5,000 per household. Shows payroll tax and income tax savings from FSA contributions.

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Frequently Asked Questions

How much can I save in taxes with a health FSA?

What is the FSA use-it-or-lose-it rule?

Can I have both an FSA and an HSA?